On the way to replacing junior bankers on Wall Street? OpenAI launches dedicated ChatGPT for finance

OpenAI is launching a dedicated version of ChatGPT for financial services, designed for tasks such as company research, data analysis, and preparing presentations for investment banking. The product was developed together with Morgan Stanley and Evercore and is based on the GPT-6 Astra model. The launch raises questions about the future of junior banker roles on Wall Street.

OpenAI is expanding its presence on Wall Street by launching a dedicated version of ChatGPT for financial services. The product, ChatGPT for Financial Services, is based on ChatGPT Work and the GPT-6 Astra model, and was developed together with Morgan Stanley and Evercore as design partners. The system is designed to perform tasks such as company research, financial data analysis, and preparing presentations for investment banking—tasks currently performed by junior bankers and analysts. Nick Turley, Vice President of Product at OpenAI, said the company is teaching ChatGPT to conduct research like an analyst and back up its conclusions. The launch pushes OpenAI deeper into the financial sector, alongside the expansion of its enterprise operations ahead of a future IPO. The product includes built-in access to financial databases from LSEG, Daloopa, and PitchBook, and allows references to original data. Turley noted high demand for the product but declined to specify which banks have already signed up. The move raises questions about the traditional training model on Wall Street, with Chris Churchman of Goldman Sachs warning last month that automation of training tasks could cause cognitive atrophy among the next generation of finance professionals.