Over the past year, Wall Street's largest names — including Goldman Sachs , Bank of America , Morgan Stanley , Wells Fargo to JPMorgan Chase — ramped up their generative artificial intelligence efforts with the aim of boosting profits.
MS YTD mountain Morgan Stanley YTD AI use cases for key businesses Morgan Stanley was among the first on Wall Street to publicly embrace the technology, unveiling two AI assistants for financial advisors powered by OpenAI.
Launched in September 2023, the AI @ Morgan Stanley Assistant gives advisors and their staff quick answers to questions regarding the market, investment recommendations, and various internal processes.
If it does, that would be welcome news for shareholders after Morgan Stanley's wealth segment missed analysts' revenue expectations in the second quarter .
However, As long as these costs don't outweigh return on investment (ROI), we're happy with Wells Fargo and Morgan Stanley's moves to innovate.
Persons:
Goldman Sachs, Morgan Stanley, Wells, JPMorgan Chase — ramped, Jamie Dimon, Alexandra Mousavizadeh, OpenAI's ChatGPT, Jeff McMillan, Morgan, McMillan, It's, Morgan Stanley's, Evident's Mousavizadeh, Banks, Mousavizadeh, Tracy Kerrins, Morgan Stanley's McMillan, He's, Morgan Stanley's OpenAI, Teresa Heitsenrether, Jim Cramer's, Jim Cramer, Jim
Organizations:
Bank of America, JPMorgan, Citi, Microsoft, Nvidia, OpenAI, CNBC, Google, Deutsche Bank, BNP, Mistral, TD Bank Group, Big, Wall, New York Stock Exchange, Bloomberg, Getty
Locations:
Wells Fargo, Silicon, management's, Wells, New York