Anthropic deploys financial AI agents that take on the grunt work of Wall Street, from setting up client meetings to conducting market research.
Tuesday’s announcement comes as startups and banks themselves are building similar tools to automate many of Wall Street’s most tedious tasks, further engulfing the company in the footsteps of Claude in an already competitive field.
The 10 new agents include a “model builder” who can create financial models from filings and analyst notes, and a “pitch builder” who can draft pitchbooks in advance of client meetings, the company said in a post on its website. Financial services is Anthropic’s second-largest industry in terms of corporate revenue, behind technology, according to a presentation the company gave Tuesday. To date, 40% of the company’s top 50 clients are in the financial sector, according to the slide.
Wall Street’s biggest firms are deploying AI tools to reduce the amount of time everyone from junior bankers to software engineers spend on their jobs. Major banks such as JPMorgan, Goldman Sachs, and Morgan Stanley have widely deployed in-house AI assistants to their workforces. These tools are designed to help employees summarize internal research, draft emails and reports, write code, and prepare for customer meetings.
Wall Street’s AI race is already crowded
Several startups are also emerging as major players in the AI finance scene. Rogo is a $2 billion-valued company founded by a former investment banker and serves more than 250 customers. Its tools can draft pitches, conduct research, prepare meetings, and build models.
Rahul Rekhi, president of Rogo, said he is not too worried about increased competition because Rogo’s tools are model-agnostic and backed by financial expertise.
“We’re taking full advantage of what the foundational model lab has to offer and routing it into specific types of workflows, like building models, building pitchbooks, and running research,” he told Business Insider on Tuesday. “So the better our models can accommodate different workflows, the more we can do in terms of accelerating and automating the operations of these investment firms and banks.”
Hebbia, another startup that provides a suite of AI tools to financiers and lawyers, has built a platform that runs multiple queries simultaneously on datasets such as spreadsheets and filings to compare companies side-by-side and draft documents that would take hours or days to create by hand.
“For the banking and startup ecosystem, we expect to see increased consolidation around a few core model providers, with differentiation moving to domain-specific data, workflow design, and control layers,” Scott Keiper, financial services technology consulting leader at EY Americas, told Business Insider in an email on Tuesday. Products that can be easily integrated “into existing systems of record” and work within existing governance and risk architectures will be most successful, he said.
Advances in generative AI are also causing some concerns about headcount levels at Wall Street banks. While major banks have not announced large-scale AI-related layoffs, some CEOs have said they are slowing hiring. JPMorgan CEO Jamie Dimon said the bank has a “massive redeployment plan” for those displaced by AI, a sentiment he reiterated at an event Tuesday with Anthropic CEO Dario Amodei.
According to a press release, the 10 new agents Anthropic has introduced for its financial industry employees are:
- pitch builder
- meeting preparer
- revenue reviewer
- model builder
- market researcher
- Evaluation reviewer
- General Ledger Matcher
- the end of the month is approaching
- financial auditor
- KYC screener