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Morgan Stanley and Goldman Sachs Leverage AI for 'Grunt Work': WSJ

Jun 28, 2024, 05:00 AM

Morgan Stanley wealth advisors are reportedly utilizing artificial intelligence (AI) to handle routine tasks, often referred to as 'grunt work'. This move is part of a broader trend in the financial services sector, where 91% of firms are either leveraging AI or exploring its potential. Select Goldman Sachs employees have access to a platform that includes a copilot assistant tool for investment bankers, which searches a large body of public and proprietary documents to answer questions and extract analysis, according to the WSJ. Executives in the financial industry acknowledge the significant opportunities AI presents but also note the higher stakes for asset managers due to the sensitive information they handle.