Is AI going to overtake IB
Is AI going to overtake IB. Coming from a highschool sophomore thinking about his Carter options.
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Tbh probably. You’ll hear opinions on here about it’ll never be fully automated but at the end of the day companies only care about one thing, and it’s the bottom line. Labor is a banks biggest expense. If you can significantly cut that why wouldn’t you. ChatGPT as it is now, in its early days, is almost comparable to a low-mid bucket analyst.
I’m not hopeful, tbh. Now alternatively, we may see laws restricting AI, like in Australia. We’ll see
Potentially. Will likely streamline a lot of things. It will be awhile though. There are a lot of security concerns over it though.
No. It’s a sales business.
beep boop “buyer found” beep boop “transaction completed”
If it’s going to happen, it’s not for a very, very long time.
Tech banker. No. (At least not the entire M&A process, idk maybe quants and traders might be scared)
The general rule of thumb is, if AI can do your job, you need to upskill and do actual intelligent tasks. Most people do not understand AI, it is not intelligent - it is simply the best data aggregator and summarizer. Many banks have offshore teams to complete low level tasks (think making PowerPoint look pretty, copy and paste a ton of base numbers we need from financial reports in a hardcode excel, create company profiles etc.) I think their jobs are legitimately the ones in danger in the near-term. At best AI will function as like an intern (never need to take notes again, maybe we automate email outreach, top of the funnel research)
If you are scared about AI taking your job I think you are over simplifying how much nuance there is in these analyses / PowerPoint presentations. Like yes we have templates and stuff but think, how often have you literally just beep booped into a template with Factset pulls and sent that off to a client? Likely never dude…I did not even begin on security issues (good luck explaining to a client you put their entire customer cube into OpenAI’s database to build the cohort retention analysis - which it’s not even capable of doing yet), the black box (ChatGPT often uses the wrong source if you check it), the hallucinations etc…AI should be used to increase the productivity per banker, not likely to “replace” even analysts any time soon.
Wonder what percentage of people here were around before Lotus 1-2-3, when you had to build financial models literally by hand, as in using pencil and paper.
Did Excel kill the need for IB analysts?
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