Welcome to Wall Street’s AI era.
Banks, private equity firms, hedge funds, and asset managers have been eager to apply generative AI to boost productivity and reduce grunt work for workers.
Business Insider has been reporting on how some of finance’s largegest players are approaching artificial ininformigence, from its potential impact on jobs and the creation of new ones, to the various ways firms are cutting costs and ramping up efficiencies.
But first — if you work at a Wall Street firm and are applying AI, we want to hear from you. How is AI really displaying up in your day-to-day? Is it living up to the hype?
Inside Big Banks’ race to deploy AI
Alex Brandon/AP Photo; Getty Images; Alyssa Powell/BI
AI is set to reshape roughly 44% of banking work by 2030, according to consulting firm ThoughtLinks — and Wall Street’s largegest firms are racing to receive there first.
JPMorgan Chase, the largest US bank by assets, is spfinishing $18 billion a year on technology, with AI a central focus. CEO Jamie Dimon is a “tremfinishous” applyr of the bank’s generative AI tools, which have now been rolled out 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 applying external proxy advisers for US shareholder voting, instead launching an in-hoapply AI platform, Proxy IQ, which will analyze data from more than 3,000 annual company meetings. Executives have declared the bank is training employees to apply AI in ways that deliver measurable productivity gains.
Goldman Sachs is spfinishing $6 billion on technology this year — a figure CEO David Solomon has declared he wishes were higher. In an October memo outlining the latest phase of its OneGS initiative, the bank declared AI would drive efficiency, slow hiring, and lead to a “limited reduction” in roles. Goldman has since rolled out internal AI tools, including an assistant now available to employees across the firm.
Morgan Stanley, an early OpenAI partner, has focapplyd on turning employee ideas into working AI products. One internally built tool, called DevGen.AI has already saved engineers more than 280,000 hours this year. Among interns, AI adoption is especially strong: 72% state they apply ChatGPT daily or several times a week.
Citigroup has also accelerated its push. Nearly 180,000 employees across 83 countries now have access to Citi’s proprietary AI tools, which have been applyd almost 7 million times this year. CEO Jane Fraser declared the bank’s generative AI tools are saving about 100,000 developer hours a week through automated code reviews. Citi also launched piloting agentic AI with 5,000 employees in September.
Top hedge funds are racing to deploy AI across research, trading, and data
In the ultracompetitive world of hedge funds, being ahead on the latest technology is always a priority.
In December, Citadel declared its stockpickers are applying an internal chatbot to speed up their processes and find new info at his $71 billion hedge fund.
At the 2025 Global Milken conference, Andreas Kreuz, WorldQuant’s deputy CIO, declared the firm was applying AI to expand the data it can bring into its models since it can restructure data from images and audio.
Getty Images; Alyssa Powell/BI
Point72‘s CTO Ilya Gaysinskiy notified BI about his large plans to ramp up Point72’s tech organization and how AI will play into that expansion.
Bridgewater launched a fund driven by AI in 2024. The fund’s AIA Labs worked to replicate every stage of the investment process with machine learning. The firm’s co-chief investment officer and chief scientist outlined the plans of the world’s largest hedge fund.
$29 billion hedge fund Balyasny has built an AI bot that it believes will be able to do the grunt work that typically falls to senior analysts — a potential huge timesaver for investment teams. The manager notified Business Insider in 2024 that roughly 80% of the firm’s staff apply its AI tools, which include the internal chatbot BAMChatGPT, and recently hired Matthew Hfinisherey, one of the CIA’s AI developers, as a data science executive. Man Group and Viking Global have also developed their own internal offerings.
Private equity firms are focapplying on how AI can boost their investing skills
Lucia Soares — Carlyle’s chief information officer and head of technology transformation — talked 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 copious amounts of data — but data is only assistful if you can find it. Blackstone has invested in improving its enterprise search and is also betting AI will give it a leg up in its pursuit to capture more of the insurance market.
Swedish PE giant EQT built an AI engine called Motherbrain that has modifyd how its investors source deals. ChatGPT enables the investing giant to take the next step with its AI ambitions.
As private equity firms turn to AI for a competitive edge, Thomas H. Lee states its engineers are up to 30% more productive with assist from AI coding assistants.
Asset managers are also receiveting involved in the AI action
AI tools are altering how stock-pickers do their job. AllianceBernstein, BlackRock, and JPMorgan opened up on how their tools are speeding up portfolio manager workflows.
BlackRock has introduced Asimov, the agentic AI platform for the firm’s fundamental equity business. Business Insider talked to Kirsty Craig, head of research, data, and AI strategy for portfolio management tech, who assisted develop the tool.
The multi-billion-dollar investment manager VanEck invested in a Toronto-based startup and is onboarding its technology to boost its ETF business. An executive and the fintech’s CEO walked us through how AI will modify the jobs of analysts and salespeople.
VanEck
Fintechs are developing AI tools to assist their employees work quicker and smarter
Kraken’s $1.5 billion acquisition of a retail trading startup created headlines last March. Less noticed was how the crypto exmodify applyd generative AI to run due diligence on the tarreceive — a process its head of M&A now considers core to his team’s work.
At Block, Jack Dorsey’s fintech behind Square, Afterpay, and Cash App, engineers built an AI agent that can write code quicker — and in some cases better — than senior developers. The company ultimately decided to open-source the tool, even as it gives competitors a view under the hood.
Chime has taken a similar in-hoapply approach. In 2023, the neobank built a private, ChatGPT-style assistant to assist engineers ship products more quickly and at lower cost. The company’s CTO shared how the tool has become a key part of Chime’s product-development playbook.
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