Michael Wagner in MarketWatch: AI Usage Reaches New Heights on Wall Street
JPMorgan Chase & Co. is seemingly leading the way in using artificial intelligence (AI) for investment research after unveiling that it is now producing AI-generated research notes of human-produced reports and linking them within the firm’s Cross Asset Spotlight. To learn more about this significant step forward in the AI revolution on Wall Street, MarketWatch spoke with Michael Wagner, co-founder and chief operating officer at Omnia Family Wealth, for insight.
“What seems to be going on here is that they’re using an AI-based system to build a summary publication of existing human-generated reports that are already out there,” explains Wagner.
As for what this may mean for the future of banking and for those who are employed within the sector, Wagner believes that, while it may take some time, it will likely act as a test study on AI’s disruption of the labor market.
“It certainly is still relatively unusual, but I think analyst jobs are safe for now,” he tells the publication. “It’s an interesting development that shows how AI-driven automation could impact labor markets. If relatively repetitive ‘knowledge work’ can be automated in this fashion, banks and law firms may not need as many lower-level employees as they do today.”