Welcome to the AI era of Wall Street.
Banks, private equity firms, hedge funds and asset managers have rushed to use generative AI to increase productivity and reduce worker workload.
Business Insider has reported on how some of the biggest players in finance are approaching artificial intelligence, from its potential impact on jobs and the creation of new jobs, to the different ways companies are reducing costs and increasing efficiency.
But first, if you work at a Wall Street firm and use AI, we want to hear from you. How does AI actually appear in your daily life? Does it live up to the hype?
In the race of big banks to deploy AI
Alex Brandon/AP Photo; Getty Images; Alyssa Powell/BI
AI is expected to reshape about 44% of banking work by 2030, according to consulting firm ThoughtLinks — and Wall Street’s biggest firms are racing to get there first.
JPMorgan ChaseAmerica’s largest bank by assets, spends $18 billion a year on technology, with AI at its core. CEO Jamie Dimon is a ‘huge’ user from the bank generative AI toolsnow deployed to more than 200,000 employees.
The bank is also replacing long-standing human processes with AI. Its asset management arm announced plans to stop using external proxy advisors for U.S. shareholder voting and instead launch a internal AI platform, Proxy IQ, which will analyze data from more than 3,000 annual company meetings. Executives said the bank is training employees to use AI in ways that drive measurable productivity gains.
Goldman Sachs is spending $6 billion on technology this year — a figure CEO David Solomon said he would like to see higher. In an October memo describing the final phase of his OneGS Initiativethe bank said AI would improve efficiency, slow hiring and lead to a “limited reduction” in positions. Goldman has since deployed iinternal AI toolsincluding an assistant now available to employees throughout the company.
Morgan Stanleyone of OpenAI’s first partners, focused on turning employee ideas into working AI products. A tool built in-house, called DevGen.AI has already saved engineers more than 280,000 hours this year. Among interns, AI adoption is particularly strong: 72% say they use ChatGPT daily or several times a week.
Citi Group also accelerated its thrust. Nearly 180,000 employees across 83 countries now have access to Citi’s proprietary AI tools, which have been used nearly 7 million times this year. CEO Jane Fraser said the bank’s generative AI tools save around 100,000 development hours per week through automated code reviews. Citi also began piloting agentic AI with 5,000 employees in September.
Top hedge funds race to deploy AI in research, trading and data
In the ultra-competitive world of hedge funds, being ahead of the latest technology is always a priority.
In December, Citadel said its stock pickers used a internal chatbot to speed up their processes and find new information about its $71 billion hedge fund.
During the Global Milken 2025 conference, Andreas Kreuz, WorldQuant Deputy CIO, said the company is using AI to expand the data it can feed into its models, as it can restructure data from images and audio.
Getty Images; Alyssa Powell/BI
Item72Ilya Gaysinskiy’s CTO spoke to BI about his major acceleration plans The technical organization of Point72 and how AI will play into this expansion.
Bridgewater launched an AI-driven fund in 2024. The fund’s AIA Labs worked to replicate every step of the investment process using machine learning. The company’s co-chief investment officer and chief scientist outlined plans for the world’s largest hedge fund.
$29 billion hedge fund Balyasny built an AI robot who we believe will be able to do the heavy lifting that typically falls to senior analysts – a huge potential time saver for investment teams. The official told Business Insider in 2024 that about 80% of the company’s staff used its AI tools, which include the internal chatbot BAMChatGPT, and recently hired Matthew Henderey, one of the CIA’s AI developers, as head of data science. Group of men And World Viking have also developed their own internal offerings.
Private equity firms focus on how AI can strengthen their investment skills
Lucie Soares — at Carlyle information manager and Head of Technology Transformation – spoke to BI about taking on a new challenge: bringing AI to the investment giant’s 2,300 global employees.
Private equity firms are no strangers to managing and analyzing large amounts of data, but data is only useful if you can find it. black stone invested in improving his business search and is also betting that AI will give him a boost in his quest to capture more insurance market.
Swedish PE giant EQT built an AI engine called Maternal brain it has changed the way its investors search for deals. ChatGPT enables the investment giant to take the next step in its AI ambitions.
As private equity firms look to AI for competitive advantage, Thomas H. Lee claims its engineers are up to 30% more productive with the help of AI coding assistants.
Asset managers are also getting involved in AI action
AI tools are changing the way stock pickers do their jobs. AllianceBernstein, BlackRock and JPMorgan explained how their tools accelerate portfolio manager workflows.
BlackRock introduced Asimov, the agentic AI platform for the company’s fundamental equity business. Business Insider spoke to Kirsty Craigresponsible for research, data and AI strategy for portfolio management technology, who contributed to the development of the tool.
The multi-billion dollar investment manager VanEck invested in a Toronto-based startup and integrates its technology to boost its ETF business. A fintech executive and CEO told us how AI will change the work of analysts and salespeople.
Wyatt Lonergan and Juan Lopez of VanEck. VanEck
Fintechs are developing AI tools to help their employees work faster and smarter
Kraken acquires retail startup for $1.5 billion made headlines last March. Less noted was how the crypto exchange used generative AI to conduct due diligence on the target – a process its head of M&A now considers essential to his team’s work.
At Block, Jack Dorsey’s fintech behind Square, Afterpay and Cash App, engineers built an AI agent who can write code faster – and in some cases better – than senior developers. The company ultimately decided to make the tool open source, even though it gives competitors a glimpse of what’s going on under the hood.
Chime has taken a similar internal approach. In 2023, the neobank built a ChatGPT-like private assistant to help engineers ship products faster and cheaper. The company’s CTO explained how the tool became a key part of Chime’s product development playbook.