Wall Street banks are embracing AI, with Deutsche Bank scanning portfolios, ING screening for defaulters, and Morgan Stanley experimenting in a controlled environment. JPMorgan is aggressively hiring for AI roles, advertising the most globally. About 40% of open job positions at enthusiastic banks are AI-related, according to consultancy Evident. JPMorgan alone advertised 3651 AI roles, almost double its closest competitors. Eigen Technologies reported a five-fold increase in inquiries from banks in Q1 2023 compared to the previous year, with firms like Goldman Sachs and ING seeking AI solutions.
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Summary
Article Name
AI Revolutionizing Finance: Wall Street Banks Lead the Way
Description
Wall Street banks are embracing AI, with Deutsche Bank scanning portfolios, ING screening for defaulters, and Morgan Stanley experimenting in a controlled environment.
Author
Susan Jane
Publisher Name
Financial Review
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