OpenAI is launching a Wall Street tool designed to do the work of junior bankers

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The product, built with Morgan Stanley and Evercore, uses GPT-6 Astra to research companies, analyze data, and generate pitchbooks

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OpenAI launched a product on Thursday called ChatGPT for Financial Services, a version of its enterprise tool tailored to handle tasks traditionally performed by entry-level investment bankers, including company research, financial data analysis, and pitchbook creation.

According to CNBC, the product was developed alongside Morgan Stanley $MS +0.81% and Evercore as design partners, is built on top of ChatGPT Work, and is powered by GPT-6 Astra, the most capable model in OpenAI's current lineup. It is initially aimed at investment banking and equity research teams.

"We're effectively teaching ChatGPT to research like an analyst and back up its conclusions like an analyst as well," Nick Turley, OpenAI's vice president of product, told CNBC during a briefing announcing the product.

Unlike the standard ChatGPT Work offering, the financial services version connects directly to data from LSEG, Daloopa, and Pitchbook — giving the system ready access to financial statements and earnings transcripts — and can also tap into a firm's existing data subscriptions automatically, according to CNBC. The product also includes sourcing tools that link figures directly to underlying filings, chart verification functionality, and permission controls designed to safeguard confidential deal information.

In a live demo, Turley walked through the platform's capabilities as it examined a prospective M&A target, drew financial figures from industry-standard data sources, and generated a formatted PowerPoint presentation styled to a bank's existing template, according to CNBC.

When asked whether the product would reduce junior banker hiring, Turley framed it as a productivity tool rather than a headcount reduction mechanism. "If you study the life of an analyst or of a banker, depending on the industry, they're working 100-hour weeks," he said. "I think in the same way that Microsoft $MSFT +0.65% Excel transformed the industry and allowed them to produce better analysis faster, you will see technology like this do the same."

Nick Turley said OpenAI plans to release similar products for other industries, though he declined to name banks that have signed on for the financial services version.

The rollout comes as OpenAI pushes to expand its enterprise business ahead of an anticipated IPO. OpenAI's finance chief Sarah Friar disclosed to investors in August that the company's enterprise segment has become its larger revenue source, overtaking the consumer side of the business. The company faces competition from Anthropic, which launched its own Wall Street-focused product, Claude for Financial Services, last year.

Synchrony $SYF +0.73% Financial's enterprise collaboration with OpenAI, which focused on embedding Synchrony's financing and loyalty products into ChatGPT shopping experiences, reflects a separate effort in OpenAI's broader push to embed its tools across financial services.

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