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☆ Deutsche Bank's chief innovation officer lifts the hood on the German bank's AI strategy as it hires hundreds and runs dozens of pilots
▼ + stars: | 2023-09-11 | by ( Bianca Chan | ) www.businessinsider.com time to read: +8 min

Deutsche Bank is aggressively experimenting with AI capabilities to transform the bank. Then they cut to black before text came into focus to provide intel on Cymbal, a hypothetical corporate client of Deutsche Bank. Deutsche Bank is aiming to transform the business and work of banking. There's a lot of assumptions," Gil Perez, Deutsche Bank's chief innovation officer, told Insider. The bank will need to compete for in-demand AI tech talent, a market that is only set to heat up.

Persons: Gil Perez, Perez, Tamara Bitticks, Bitticks, There's Organizations: Deutsche Bank, DB, intel, Google, Deutsche, Bankers, Wall, genAI Locations: San Francisco, Washington

☆ How private equity giants like Apollo and EQT are using the cloud to improve dealmaking, boost portfolio companies, and tap into AI
▼ + stars: | 2023-09-05 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

Here's how Apollo and EQT use Google Cloud to improve themselves and their portfolio companies. The cloud represents big cost savings and efficiency gains among portfolio companies; for example, buyout firm THL migrated one of its portfolio companies to the cloud to save 50% on annual IT infrastructure costs. PE firms benefit from having their data — and their portfolio companies' data — in one place to gain better business insights and check out opportunities. Using cloud to improve portfolio companies and investment firms themselvesBoosting employee productivity with the cloud and AI is top of mind for Apollo's Mahidhar. Google Cloud's tech talent has also helped Swedish PE giant EQT speed up cloud projects among portfolio companies.

Persons: Vikram Mahidhar, THL, Mahidhar, Carl, Magnus Hallberg, execs, Adaire Fox, Martin, Hallberg, Apollo's Mahidhar, it's, —, Zac Maufe, Maufe, it'll, Fox Organizations: Apollo Global Management, Apollo, Google, KKR Locations: EQT, Swedish

☆ AllianceBernstein is using AI on everything from research to operations. Here's how it's helping the $704 billion asset manager save hundreds of thousands of dollars.
▼ + stars: | 2023-09-04 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

Here's how AB uses AI to get an edge, save analysts hours of work, and improve risk management. Seven years ago, the massive money manager AllianceBernstein set out on a mission to transform itself with AI and data science. The move would save AB hundreds of thousands of dollars and help its investors seek an edge with the $704 billion assets they manage. Chin lifted the hood on the asset manager's AI strategy and use cases. For instance, one signal compares regulatory filings for differences in company strategy or management.

Persons: AllianceBernstein, Andrew Chin, Chin, Larry Fink, terminations, It's Organizations: Wall Street, Vanguard, Fidelity Locations: BlackRock

☆ Here's who's leading Morgan Stanley's cloud initiatives after the bank's lead departs for Microsoft
▼ + stars: | 2023-08-31 | by ( Bianca Chan | ) www.businessinsider.com time to read: +3 min

Allison Gorman Nachtigal was previously the head of Morgan Stanley's cloud program. Allison Gorman Nachtigal, the former head of Morgan Stanley's cloud program, has departed the bank for the tech giant, Insider has learned. Microsoft's cloud computing program Azure is Morgan Stanley's primary cloud partner. As Morgan Stanley's new head of cloud engineering, Nam handles the plumbing behind Morgan Stanley's cloud efforts. Meanwhile, Brosnan, head of technology architecture and modernization, absorbed Morgan Stanley's cloud architecture and business enablement responsibilities.

Persons: Allison Gorman Nachtigal, Morgan, Yunchi Nam, Trevor Brosnan, Morgan Stanley, Gorman Nachtigal, Morgan Stanley's, Nam, Brosnan, Michael Poser Organizations: Microsoft

Insider asked more than 30 top fintech investors to nominate the most promising startups. VCs highlighted startups that haven't raised more than a Series C.Here are the 54 most promising fintechs. Insider surveyed 34 early-stage investors — including Bain Capital Ventures, Point72 Ventures, and Index Ventures — about the hottest fintechs to watch. As was the case last year, fintechs that sell to businesses, as opposed to those that serve consumers directly, dominated the list. Check out the 54 fintechs identified as most promising by top investors.

Persons: VCs, we'll, Mark Peter Davis Organizations: Bain Capital Ventures, Point72 Ventures, Ventures, Interplay

☆ Citadel is rebuilding a core tech platform to transform how the hedge fund uses data. 2 tech leaders take us inside the multi-year project.
▼ + stars: | 2023-08-22 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Citadel is completely rebuilding a new platform for all of the hedge fund's reference data. The platform is currently being rolled out and will let the fund move into new asset classes faster. Now, the migration to a new reference-data platform is underway. With the new solution, Citadel says, it will be able to move into new asset classes much faster. With the new platform, Citadel can respond when new asset classes come into the market.

Persons: Rituraj Deb Nath, Deb Nath, Robert Tan, Tan, It's, Goldman Sachs, There's Organizations: Citadel, Citadel Securities, Google, Bank of America

☆ Here's how the Bloomberg Terminal is integrating AI to automate tasks for traders and analysts
▼ + stars: | 2023-08-17 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

The data giant has been using AI to help traders and analysts automate tasks and better use data. Bloomberg is making upgrades to its terminal, a ubiquitous piece of technology that traders and analysts use to access the troves of data that underpin Wall Street. The company has been investing in AI to automate tasks for users of its terminal, making it easier to parse through the mountains of information at their disposal. It has updated its widely popular messenger Instant Bloomberg (IB) to automatically suggest relevant research, order forms, or pricing quotes when a user messages specific keywords like "pricing," "research," or "order information." Bloomberg goes all-in on AIBloomberg has been expanding its data empire, from investing in AI to making alternative data more mainstream.

Persons: Mark Flatman, Goldman Sachs, you've, Flatman, they've Organizations: Bloomberg, CNBC, JPMorgan, Citibank, Disney Locations: Wall

☆ PayPal taps Intuit exec Alex Chriss as its new CEO
▼ + stars: | 2023-08-14 | by ( Bianca Chan | ) www.businessinsider.com time to read: +3 min

Alex Chriss will become the new CEO of PayPal on September 27. Current CEO Dan Schulman announced in February he would retire at the end of 2023. Chriss will come from Intuit, where he is the EVP of small business and self-employed group. Alex Chriss, the executive vice president of small business and self-employed group at Intuit, has been tapped to lead PayPal, the firm announced Monday. The move comes as current PayPal CEO Dan Schulman announced on February 9 that he will retire at the end of the year.

Persons: Alex Chriss, Dan Schulman, Chriss, Schulman, Elliott Management, Intuit's, Alex, John Donahoe Organizations: PayPal, Intuit, Morning

☆ Bridgewater's tech chief is leaving the hedge fund giant for Microsoft to focus on the 'relentless tide of cyber threats'
▼ + stars: | 2023-08-10 | by ( Bianca Chan | ) www.businessinsider.com time to read: +4 min

He told Insider he's making the move to help combat cybersecurity on a broader scale. Igor Tsyganskiy, chief technology officer and president, is leaving the world's largest hedge fund after seven years, Insider has learned. Prior to Bridgewater, Tsyganskiy ran database.com, a division of Salesforce.com, and was the cofounder of Tealeaf Technologies, which was sold to IBM. Bell recently told Insider that AI would give Microsoft the upper hand to "finally turn the tables on the attackers." "Basically, end-to-end strategy on how Microsoft approaches the cybersecurity sector is my job," Tsyganskiy told Insider.

Persons: Igor Tsyganskiy, Tsyganskiy, Greg Jensen, Bridgewater's, Oliver Radwan, Kevin Brennan, Ray Dalio, Nir Bar Dea, Bridgewater, Charlie Bell, Bell Organizations: Bridgewater, Microsoft, LinkedIn, Tealeaf Technologies, IBM, Web Services Locations: Bridgewater, Bay Area, Connecticut, Westport , Connecticut, Salesforce.com

☆ Fintech VCs are readying their checkbooks as cash-strapped startup founders run out of options
▼ + stars: | 2023-08-08 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Fintech funding has been on a decline from 2021's peak levels, but VCs see signs of a rebound. VCs are itching to get back to dealmaking as they see early signs of a rebound in the fintech industry. Cash-strapped founders who didn't want to fundraise in a down market and get valuations slashed are running out of options and time. They dominated the fintech market in the past several years, but the shine is wearing off, Shriner said. Fintech VCs will get to spend more time on due diligence, looking beyond so-called "vanity metrics," Fernandez said.

Persons: Cash, didn't, Mark Peter Davis, Davis, We're, Tripp Shriner, Robert Ruark, Ruark, B2C, VCs, Shriner, — crowdedness, Stephanie Choo, Marcos Fernandez, KPMG's Ruark, Fintech, Fernandez Organizations: Interplay, Investors, Point72 Ventures, KPMG, Tiger, Portage Ventures, Fiat Ventures Locations: dealmaking, VCs, overvaluations

☆ Investing platform eToro is bullish on generative AI. The US CEO breaks down its areas of experimentation, like making disclosures more fun to read and translating marketing material.
▼ + stars: | 2023-08-04 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

Since ChatGPT's splashy debut in November 2022, generative AI has captured people's and corporations' imaginations. Generative AI is a subset of AI designed to ingest copious amounts of information and create new content. Finance, an industry that runs on data, has been exploring ways to leverage generative AI. At the retail-investing fintech eToro, work is underway to see how generative AI can be deployed to employees and customers. Using generative AI with guardrailsAs the company thinks about opportunities that come with generative AI, it can't ignore the risks.

Persons: Lule, ChatGPT's, Demmissie, hadn't, eToro, ChatGPT Organizations: Morning, Finance, Financial Industry, guardrails Locations: bitcoin

☆ Here's the 14-page pitch deck that 40Seas, a fintech looking to bring "buy now pay later" to the trade industry, used to raise $16 million
▼ + stars: | 2023-08-02 | by ( Bianca Chan | ) www.businessinsider.com time to read: +3 min

It raised an $11 million seed round in January and raised an additional $6 million in an extension. Here's the pitch deck the startup used to fundraise, which attracted investors like QED Investors. Even though his startup 40Seas only launched seven months ago, for Eyal Moldovan, the business has been decades in the making. 40Seas raised its seed round in January as investors funneled $11 million into the fledgling startup. Here's the 14-page pitch deck 40Seas used to raise its seed and seed extension.

Persons: Eyal, Igor Zaks, Gil Shiff, Suki Gao, Camila, Saruhashim, 40Seas Organizations: QED, Eyal Moldovan, Moldovan, ZIM, Eminence Ventures Locations: Israel, China, India, Tel Aviv, Canada, Europe, Asia Pacific, Australia, New Zealand, Moldovan

☆ I'm an engineer on one of the most innovative teams at Ken Griffin's Citadel. Here are 7 lessons that have been critical to my rise at the $59 billion hedge fund.
▼ + stars: | 2023-07-30 | by ( Bianca Chan | ) www.businessinsider.com time to read: +7 min

Kristofer Baxter leads a team of about 20 UI engineers at Citadel, a $59 billion hedge fund. Now I work at Citadel, leading user interface (UI) on the Citadel X team. But it's really important to be quick. We work really closely with front-office partners and investment professionals so we know what to build. The really important thing there is that you can't be afraid of scale, or even failure.

Persons: Kristofer Baxter, Bianca Chan, Ken Griffin, I've, iterating Organizations: Citadel, Citadel X, Netflix, LinkedIn, Google Locations: Miami

☆ Where Steve Cohen's Point72 Ventures sees opportunities in fintech, from generative AI to solving gamers' payments woes
▼ + stars: | 2023-07-27 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Tripp Shriner is a managing partner at Point72 Ventures, the VC arm of Steve Cohen's hedge fund. Point72 Ventures is now actively looking for new fintech investments after what it said was "a quieter period"— it last invested in payment startup Pagos' $34 million Series A in February. "We're still early, getting toward the check-writing side of things," Tripp Shriner, managing partner and fintech investor at Point72 Ventures, told Insider. The investment themes lay the groundwork for where Point72 Ventures will spend its time and money in the coming months and years. Point72 Ventures' approach to AI is largely guided by how financial firms want to use the tech.

Persons: Tripp Shriner, Steve Cohen's, Fintechs, We're, Shriner, it's Organizations: Point72 Ventures, Point72, Mastercard Locations: fintech, KYC

☆ Point72 Ventures fintech investor breaks down what's next for Steve Cohen's firm, from generative AI to solving gamers' payments woes
▼ + stars: | 2023-07-26 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Tripp Shriner is a partner at Point72 Ventures, the VC arm of Steve Cohen's hedge fund. "We're still early, getting toward the check-writing side of things," Tripp Shriner, partner and fintech investor at Point72 Ventures, told Insider. The investment themes lay the groundwork for where Point72 Ventures will spend its time and money in the coming months and years. Point72 Ventures' approach to AI is largely guided by how financial firms want to use the tech. However, success would depend on financial firms' willingness to adopt such a fundamental change.

Persons: Tripp Shriner, Steve Cohen's, Fintechs, We're, Shriner, it's Organizations: Point72 Ventures, Point72, Mastercard Locations: fintech, KYC

☆ Inside the Morgan Stanley team on the hunt for more partners like OpenAI that can grow into crucial tech buildouts
▼ + stars: | 2023-07-21 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Morgan Stanley wants more partnerships with tech vendors focused on cloud, data, and AI. Two years before OpenAI ballooned into the artificial intelligence juggernaut it is today, Sean Manahan's team at Morgan Stanley met with what was then an up-and-coming research nonprofit. For its part, Morgan Stanley is capitalizing on its ties with OpenAI to supercharge the bank's lucrative wealth-management business. Morgan Stanley's tech strategy is about 80% buy to 20% building tech inhouse and the pipeline of tech vendors has exploded. Morgan Stanley, like every other finance firm on the Street, has also moved to the cloud.

Persons: Morgan Stanley, Sean Manahan, OpenAI, Sean Manahan's, OpenAI's ChatGPT, Manahan, he's, Morgan Stanley's, it's, fintechs, They're, VCs, Morgan Organizations: Stanford, Microsoft, Investors, Amazon Web Services, Google, Apple

☆ Ken Griffin's Citadel is rebuilding one of its most critical platforms. Here's an inside look at the project.
▼ + stars: | 2023-07-06 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

The platform is currently being rolled out and will let the fund move into new asset classes faster. Now, the migration to a new reference-data platform is underway. With the new solution, Citadel says, it will be able to move into new asset classes much faster. With the new platform, Citadel can respond when new asset classes come into the market, like cryptocurrencies or collectibles. "It's critical for our systems to accommodate growth in various asset classes and support the ever-increasing crossover between them," Tan said.

Persons: Rituraj Deb Nath, Deb Nath, Robert Tan, Tan, It's, Goldman Sachs, There's Organizations: Citadel, Citadel Securities, Google, Bank of America

☆ Here's the 14-page pitch deck a startup helping people build credit through rental payments used to raise $4.5 million from Clocktower VC and Plaid's cofounders
▼ + stars: | 2023-06-21 | by ( Bianca Chan | ) www.businessinsider.com time to read: +4 min

Boom is a startup that helps people build credit by reporting rent payments to credit bureaus. The startup raised $4.5 million in a seed round led by Starting Line. "I started helping them on their housing, find a new rental, build credit, get things removed from their credit report, access rental assistance, things like that," Whiting told Insider. That's when the lightbulb went off to start Boom, a startup that helps people build credit by reporting their rent payments to credit bureaus. Here's the 14-page pitch deck Boom used to raise its $4.5 million seed.

Persons: Rob Whiting, Whiting, Kirill Moizik, helms, Boom . Whiting, Moizik, Boom, Plaid's cofounders Zach Perret, William Hockey Organizations: Boston Consulting Group, Clocktower

☆ Meet the 6 JPMorgan execs tapped to lead a new unit that will shape how the country's largest bank approaches AI
▼ + stars: | 2023-06-21 | by ( Bianca Chan | ) www.businessinsider.com time to read: +3 min

The team, led by Teresa Heitsenrether, will be critical in the bank's AI strategy. The D&A organization pulls together AI leaders from across the bank, from research to data use. JPMorgan is unifying its AI braintrust in a newly created unit that will drive strategy, governance, and adoption of the tech at the country's largest bank. Heitsenrether will have some of the bank's highest tech leaders and their respective teams as her deputies, including the bank's head of AI research and head of AI and machine learning transformation and engagement. The D&A organization will be critical to JPMorgan's AI use and strategy, as AI models and tools are computer-intensive and require vast amounts of data.

Persons: Teresa Heitsenrether, Lori Beer, Jamie Dimon, Daniel Pinto, Goldman Sachs, Heitsenrether, Pinto Organizations: JPMorgan, Wednesday, ChatGPT, Securities Services Locations: Heitsenrether

☆ KKR built a new client portal on AWS that helped the PE giant cut costs by 50%. An exec breaks down 3 things he wishes he knew ahead of time.
▼ + stars: | 2023-06-02 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

KKR built a new client portal to replace a legacy one built using vendor tech. KKR had a problem with its client portal. When clients faced issues with the portal, KKR had no visibility into what was causing the problem and could only open a ticket with the vendor, he said. In 2020, KKR embarked on a total rebuild of its client portal, which eventually launched in the summer of 2021. The new portal was built on AWS, where KKR has already moved much of its technology and infrastructure.

Persons: Leo Bogdanov, KKR's, Bogdanov, Serverless, it's, Axel Springer Organizations: KKR, Amazon Web Services, AWS Locations: Axel

☆ Who's going to work on all these AI projects at the big banks?
▼ + stars: | 2023-05-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Everyone seems to agree that artificial intelligence is going to upend Wall Street. Insider's Paige Hagy and Bianca Chan have a fascinating story on how AI talent doesn't seem to be sticking around at big banks. What's even more foreboding is that AI talent isn't leaving for other banks. But struggling to hold on to AI talent seems especially concerning when one considers what's at stake — like, uh, humanity — and the speed at which it'll happen. Here are the three reasons banks can't seem to hold on to AI talent.

☆ Banks are all-in on AI, but there's one problem: They can't hold on to the talent. Here's why.
▼ + stars: | 2023-05-23 | by ( Paige Hagy | Bianca Chan | ) www.businessinsider.com time to read: +9 min

Big banks are hiring a lot of AI talent, but are having a tough time holding on to it. The difficulty banks have retaining AI talent, however, isn't due to poaching among peers. Banks can lure in AI talentIt's true that big banks have the wherewithal to hire and capitalize on top AI talent and are attractive at the outset to those looking for a new shop. "The AI talent coming to the financial-services industry is almost like supporting the tech talent, if you will," Hirsch said. Big Tech has its own problems right nowTo be sure, banks are snagging from Big Tech too.

☆ Wall Street can't seem to agree on how it oversees AI usage. Meet the 12 execs leading strategy for the tech at the biggest US banks.
▼ + stars: | 2023-05-22 | by ( Bianca Chan | ) www.businessinsider.com time to read: +2 min

Banks are accelerating their AI research and use cases due to the rise of ChatGPT and generative AI. While all six big banks have dedicated AI leaders, no two banks have the same org structure. This year is shaping up to be all about artificial intelligence, and Wall Street is no exception. Banks' priorities and tech strategies can also be gleaned from which divisions have dedicated AI leaders and which don't. Here's a list of 12 of the top AI executives to know at the nation's six biggest banks.

☆ A new class of executives on Wall Street is gaining a ton of power
▼ + stars: | 2023-05-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

I still need questions for a future mailbag. As Wall Street grapples with how to deploy AI, the executives overseeing the tech are rising in prominence. Bianca mapped out the 12 executives leading AI strategy at Bank of America, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo. Meet the 12 executives leading the AI strategy at the biggest US banks. The bank run on Silicon Valley Bank, which was helped along by social media, has bank executives reconsidering their online presence, Reuters reports.

☆ Meet the 12 execs leading the AI strategy at top US banks like Goldman Sachs, JPMorgan, and Morgan Stanley
▼ + stars: | 2023-05-18 | by ( Bianca Chan | ) www.businessinsider.com time to read: +2 min

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