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Illustration: Connor Willumsen
Business
The Big Take


WALL STREET BANKS ARE USING AI TO REWIRE THE WORLD OF FINANCE

Lenders are experimenting with artificial intelligence. Not even Warren Buffett
is sure what happens next.

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By William Shaw and Aisha S Gani
June 1, 2023 at 7:01 AM GMT+8
Updated on
June 1, 2023 at 10:19 PM GMT+8
BookmarkSave

Deutsche Bank AG is using artificial intelligence to scan wealthy client
portfolios. ING Group NV is screening for potential defaulters. Morgan Stanley
says its bankers are “experimenting” in a “safe and contained environment.”
Meanwhile, JPMorgan Chase & Co. is hoovering up talent, advertising for more AI
roles than any of its rivals.

The AI revolution is unfolding on Wall Street as wider interest grows in the
evolving technology and its likely impact on business. At the most enthusiastic
banks, about 40% of all open job roles are for AI-related hires such as data
engineers and quants, as well as ethics and governance roles, according to new
data from consultancy Evident.

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