Welcome to the age of AI on Wall Street.
Banks, private equity firms, hedge funds, and asset managers have been eager to leverage generative AI to improve productivity and relieve employee drudgery.
Business Insider has been reporting on how leading companies in the financial industry are tackling artificial intelligence, from its potential impact on jobs and new job creation to the various ways companies are cutting costs and increasing efficiency.
But first, if you work at a Wall Street company and use AI, we want to hear from you. How is AI actually showing up in your daily life? Does it live up to the hype?
Inside the race to introduce AI among major banks
Alex Brandon/AP Photo; Getty Images; Alyssa Powell/BI
According to consulting firm ThoughtLinks, about 44% of banking operations will be reengineered by AI by 2030, and Wall Street's biggest firms are racing to get there.
JP Morgan ChaseThe nation's largest bank by assets spends $18 billion a year on technology centered around AI. CEO Jamie Dimon is a “huge” user of the bank's generative AI tools, which are currently deployed by more than 200,000 employees.
The bank is also replacing long-standing human processes with AI. The company's wealth management division announced plans to stop using outside proxy advisors for U.S. shareholder votes and instead launch an in-house AI platform, Proxy IQ, that will analyze data from more than 3,000 annual meetings. Executives said the bank is training employees to use AI in ways that result in measurable productivity gains.
goldman sachs is spending $6 billion on technology this year, and CEO David Solomon says he wishes the number was higher. In an October memo outlining the latest phase of its OneGS initiative, the bank said AI would increase efficiency, slow hiring and lead to “limited reductions” in roles. Goldman has since rolled out internal AI tools, including an assistant, available to employees across the company.
morgan stanleyis an early OpenAI partner and has been focused on turning employee ideas into practical AI products. One internal build tool called DevGen.AI We've already saved engineers more than 280,000 hours this year. AI adoption is particularly high among interns, with 72% saying they use ChatGPT daily or several times a week.
citygroup is also accelerating its promotion. Approximately 180,000 employees in 83 countries now have access to Citi's proprietary AI tools, which have been used almost 7 million times this year. CEO Jane Fraser said the bank's generative AI tools save about 100,000 hours of development time per week through automated code reviews. Citi also began piloting Agent AI with 5,000 employees in September.
Top hedge funds are racing to implement AI across research, trading and data
In the ultra-competitive world of hedge funds, staying ahead with the latest technology is always a top priority.
In December, citadel The company's stock picker said he uses an in-house chatbot to speed up the process and find new information for his $71 billion hedge fund.
Speaking at the 2025 Global Milken Conference, Andreas Kreuz said: world quant The company is using AI to expand the data it can feed into its models, as it can reconstruct data from images and audio, the deputy chief information officer said.
Getty Images; Alyssa Powell/BI
Point72CTO Ilya Gaysinskiy spoke to BI about Point72's big plans to strengthen its technology organization and how AI will play a role in its expansion.
bridgewater launched an AI-powered fund in 2024. The fund's AIA Lab worked to replicate every step of the investment process with 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 Baryasny We built an AI bot The firm believes this can potentially save investment teams significant time by taking away tedious tasks typically reserved for senior analysts. The manager told Business Insider in 2024 that about 80% of employees use the company's AI tools, including its internal chatbot BAMChatGPT, and that the company recently hired Matthew Hendery, one of the CIA's AI developers, as a data science executive. men group and viking global We have also developed our own in-house products.
Private equity firm focuses on how AI can improve investment skills
Lucia Soares — carlisle's Chief Information Officer and Head of Technology Transformation — spoke with BI about the new challenge of bringing AI to the investment giant's 2,300 employees worldwide.
Private equity firms are experts at managing and analyzing large amounts of data, but data is only useful if you can find it. black stone is investing in improvements to enterprise search and is also betting that AI will dominate as it seeks to capture more of the insurance market.
Swedish PE giant EQT The company built an AI engine called Motherbrain to change the way investors source deals. ChatGPT enables investment giants to take the next step towards their AI ambitions.
As private equity firms turn to AI to improve their competitiveness, Thomas H. Lee The company's engineers say they have increased productivity by up to 30% with the help of AI coding assistants.
Asset management companies are also involved in AI actions
AI tools are changing the way stock pickers work. AllianceBernstein, BlackRock, and JPMorgan revealed how their tools are speeding up portfolio managers' workflows.
BlackRock has introduced Asimov, an agent AI platform for its fundamental equities business. Business Insider spoke to Kirsty Craig, head of research, data and AI strategy at Portfolio Management Technologies, who helped develop the tool.
Multi-billion dollar investment manager VanEck is investing in a Toronto-based startup and deploying its technology to power its ETF business. Fintech executives and CEOs explain how AI will change the work of analysts and salespeople.
Van Eck's Wyatt Lonergan and Juan Lopez. Van Eck
Fintech companies are developing AI tools to help employees work faster and smarter
Kraken made headlines last March when it acquired a retail trading startup for $1.5 billion. Less attention has been paid to how crypto exchanges used generative AI to perform due diligence on targets. This process is now considered by the company's head of M&A to be core to his team's work.
Block, Jack Dorsey's fintech behind Square, Afterpay, and Cash App, has built an AI agent that allows engineers to write code faster and, in some cases, better than senior developers. The company ultimately decided to open source the tool, while exposing its internals to competitors.
Chime is taking a similar approach internally. In 2023, neobank built a private ChatGPT-style assistant to help engineers ship products faster and at lower cost. The company's CTO talked about how this tool has become a key part of Chime's product development strategy.
