And so it begins. Morgan Stanley, a Wall Street bank, has officially given financial advisors a generative AI assistant.
CNBC said on Monday that AI @ Morgan Stanley Assistant, which allows financial advisors quick access to the bank's database of about 100,000 research reports and documents, was launched.
I contacted Morgan Stanley, and a representative confirmed the tool, built from OpenAI's GPT-4 large language model, is live. Financial advisors use the tool most for three main buckets of questions, according to materials that Morgan Stanley Wealth Management shared with me.
In a LinkedIn post, McMillan said:'s stopped trying to compete with AI and use it to deliver better outcomes for all. The strategy in place around the AI @ Morgan Stanley Assistant was full speed ahead, he said.
In November, when OpenAI's ChatGPT burst on the market, Wall Street Banks were not exactly enthusiastic about the tool, for risk reasons. Some were restricting staff from using it in early 2023.
After about a year of generating AI, more and more big banks are flocking to it, with ongoing research that proves it will only increase in influence.
In July, Citigroup's CEO, Jane Fraser, wrote in a LinkedIn post. Citi's innovation labs have been working on generative models that powered ChatGPT for the past three years, he said. Other big banks such as Goldman Sachs and JPMorgan Chase are exploring generative AI, and JPMorgan Chase has plans for investment advice.
CFOs are preparing for the opportunities and challenges of generative AI. But they're all about making sure there's an effective use case for it at their companies. As generative AI becomes more sophisticated, the possibility of its use will expand.
In about 15 minutes, ChatGPT came up with 200 new product ideas, completing the task faster, cheaper, and more efficiently than Wharton MBA students, according to an experiment by Wharton professor Christian Terwiesch.
And we're still in the early innings.
Bryan Castellani, EVP & CFO of Warner Music Group Corp., was appointed effective October 16. Castellani succeeds WMG's longtime CFO, Eric Levin, who is staying on for a transition period before retirement in January. Castellani was formerly EVP of finance for Disney Media and Entertainment Distribution. He previously served as EVP and CFO of ESPN. Castellani was also the SVP of corporate financial planning and analysis for The Walt Disney Company.
Olga Tsokova, the daughter of Sumitomo Mitsui Banking Corporation Americas Holding Inc., was named CFO at Manufacturers Bank, a subsidiary of the SMBC Group. Tsokova served as EVP and deputy CFO and chief accounting officer of First Republic Bank before joining Manufacturers Bank. She also held senior positions in finance and accounting at City National Bank and Ernst & Young.
As AI is progressing, most Americans believe that the technology will negatively impact the U.S. job market, according to a new Gallup survey. Over the next 10 years, 75% of Americans surveyed believe it will decrease the total number of jobs. As many as 19% believe AI will not impact the number of jobs. According to the Labor Department, 6% say it will increase job opportunities.
According to the study, perceptions of AI vary by age and education level. By contrast, 79% of those ages 45-59 will decrease in job opportunities compared to 66% of those aged 18-29. According to Gallup, people with less than a bachelor's degree are more likely to say AI will decrease the number of jobs. The results are based on web survey responses collected from 5,458 U.S. adults in a nationally representative poll conducted by Gallup.
Marek Szoldrowski, president of Dictador Europe, a Polish drinks company that is known for its rums, said in a statement regarding handing over the CEO role to a robot powered by AI. It goes by the name 'The Elephant'.