ChatGPT Sets Its Sights on Wall Street's Junior Analysts

On September 10 (local time), OpenAI unveiled “ChatGPT for Financial Services,” a product aimed at the work of junior analysts in Wall Street, the heart of U.S. finance — professionals who analyze corporate value and stock prices. The offering is a version of the enterprise product “ChatGPT Work” tailored to the financial industry, and runs on the latest model, GPT-6 Astra, supporting company research, financial data analysis, and the preparation of investment banking presentations. Morgan Stanley and Evercore took part as design partners.

During a briefing demonstration, Nick Turley, OpenAI's vice president of product, walked through the process of analyzing a potential M&A target. ChatGPT pulled financial figures from industry-standard data sources and completed a PowerPoint deck in line with the bank's formatting guide. “Making a good-looking slide is easy, but making a slide that actually makes sense is far harder,” Turley said. “ChatGPT selected the comparable companies, moved the pricing information into a spreadsheet, cross-checked the charts against the data, and explained the reasons behind the sell-off and the rebound — that's how it got this far,” he added.

For decades, the investment banking industry has assigned deal research and pitch book — presentation materials for investment proposals — to analysts and associates hired straight out of college. The repetitive work of junior staffers, who once combed through vast volumes of financial data to compile company profiles, is now a target for automation. “We are teaching ChatGPT to research like an analyst and to back up its conclusions like an analyst,” Turley said at the briefing.