ChatGPT not taking Wall Street jobs as banks crack down on the AI chatbot over inaccuracies, regulatory concerns
- Banks including JPMorgan Chase, Bank of America and Citigroup are limiting the use of OpenAI’s ChatGPT as professionals realise the tech is not seamless
- ChatGPT has struggled with math and is known for making factual inaccuracies, and regulations require knowing why transactions were made
In a dark future for humans on Wall Street, banks fire traders en masse as artificial intelligence (AI) models like ChatGPT take over bond and commodities markets that were once too tough to automate. ChatGPT not taking Wall Street jobs as banks crack down on the AI chatbot over inaccuracies, regulatory concerns
But not yet. And maybe not ever.
“It may save time, but we don’t know if it’s true, which is the biggest downside of the tool,” Oded Netzer, a professor at Columbia Business School who researches data and technology, said in an interview. “It can be used like an intelligent colleague in the office, going over your work and improving it.”
For all of the hoopla over the new breed of AI platforms, parts of the financial world are mostly using them like a teenager the night before an essay is due: generating text, and then – hopefully – making sure it’s right. One credit analyst said he recently discovered a colleague was trying to use ChatGPT to draft earnings reports, but they were so disastrously flawed that he told him to knock it off.