Which banks have well developed AI / ChatGPT-like tools in London? I know Lazard has an in-house / internal platform, which is great. Piper Sandler has PiperGPT. Any others?
What about BBs? Would be interesting to know how this is impacting your daily performance / life if any first-hand experiences!
Thanks!
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Based on the most helpful WSO content, there isn't a comprehensive list of banks in London specifically using AI or ChatGPT-like tools. However, there are some notable mentions and trends:
Lazard: As you mentioned, Lazard has an in-house/internal platform, which seems to be well-regarded.
Piper Sandler: PiperGPT is another example of a bank-specific AI tool.
BloombergGPT: While not specific to a bank, Bloomberg has developed BloombergGPT, a large language model trained on financial data. This tool could be integrated into workflows for pulling financial information, creating tables, and generating insights.
Goldman Sachs: Goldman Sachs has partnered with Google to explore automation and AI in investment banking, which could include tools similar to ChatGPT.
General Trends: Many banks, including bulge brackets (BBs), are exploring AI applications. For example:
While these tools are improving productivity, there are still limitations. For instance, LLMs (Large Language Models) like ChatGPT can sometimes produce incorrect outputs, and accountability for errors remains a concern. Adoption rates also vary, with some banks being slower to integrate these technologies.
If you're looking for first-hand experiences, it might be worth checking out WSO threads or reaching out to professionals in the industry to see how these tools are impacting their day-to-day work.
Sources: GPT-4 & Microsoft Co-Pilot, ChatGPT: The AI Analyst Who Ate Wall Street, Google partners with Goldman Sachs in automating Investment Banking, Palantir's Big Move | The Daily Peel | 5/9/2023, India's Demographic Dividend | The Daily Peel | 4/20/2023
Of course Lazard needs to use AI lol
JPM has a tool called LLM suite
GS has one but it isnt great and it was late to roll it out. Still helps tho
Nomura has an internal LLM — quite effective
From my understanding, most banks will have the following tech stack:
- Internal AI tools - each bank most likely will have an internal AI team that just helps to ship and build products, I know from a few friends who are in IB, this is pretty common. But they complain that they're not really useful and everything moves slow. Lots of feature recommendations and decisions have to go through legal and so on.
- Data provider - teams will likely have access to some time of Tegus or AlphaSights - know a friend where their team uses AlphaSights and these data/market intelligence folks will most likely have an AI assistant/chat.
- Enterprise generic tools - again, think like ChatGPT and Claude -- most active teams will have purchased an Enterprise plan and they're using it on a second monitor, always open and up there.
- Function-specific tools - few friends using AI agents / automated tools that for specific tasks like querying excel, due diligence automation.
Happy to share anything that comes my way in terms of useful apps, just let me know. But hope this is useful.
Would also be interested in how these banks like Piper Sandler or Lazard are using their AI internal tools, is it actually valuable for analysts/associates? I see stuff from UBS/MS about how helpful it is, but curious if that sentiment is from the top down
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