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☆ 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
☆ 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
☆ 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
☆ 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
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.
☆ $144 billion Man Group is teaching non-tech workers coding and data-science skills that are saving them hours of manual work
  + stars: | 2023-05-16 | by ( Bianca Chan | ) www.businessinsider.com   time to read: +6 min
Man Group's <develop> program is growing in popularity among non-tech workers. That's the thinking behind Man Group's technology upskilling program, <develop>, which has served as the $144 billion investment firm's answer to a tight tech-labor market. "The level of demand for software engineers outstripped the number of qualified engineers entering the workforce each year," Lara Carty, Man Group's chief people officer, told Insider. It's also spanned a variety of backgrounds, from workers on the trading desk to communications and public-relations employees, Carty said. There's classroom-based learning led by about a dozen of Man Group's top engineers with a mentorship aspect.
☆ An outsider's take on finding success on Wall Street
  + stars: | 2023-05-16 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
At first glance, Kristofer Baxter doesn't seem like an ideal candidate for offering tips about succeeding on Wall Street. His outside perspective offers a unique look at what it takes to find success on the Street. Too often, people explaining how they found success on Wall Street, or anywhere, amounts to them bragging about how hard they worked. Read more on key lessons from a top engineer at Citadel about finding success. The famous VC firm is going to launch a fund of funds for backing other VCs focused on finding early-stage startups.
☆ I'm a UI engineer at Citadel who's worked at Netflix and Google. Here are 7 important lessons that have been critical to my rise at Ken Griffin's $57 billion hedge fund.
  + stars: | 2023-05-15 | by ( Bianca Chan | ) www.businessinsider.com   time to read: +7 min
Kristofer Baxter leads a team of about 20 UI engineers at Citadel, a $57 billion hedge fund. I started my career at a golf tee-time reservation company, then worked in roles at Netlflix, LinkedIn, and Google. 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.
☆ $144 billion investment firm Man Group is supercharging non-tech workers with Python and data-science skills. Here's a look inside the popular program helping employees save time.
  + stars: | 2023-05-08 | by ( Bianca Chan | ) www.businessinsider.com   time to read: +6 min
Man Group's <develop> program is growing in popularity among non-tech workers. That's the thinking behind Man Group's technology upskilling program, <develop>, which has served as the $144 billion investment firm's answer to a tight tech-labor market. "The level of demand for software engineers outstripped the number of qualified engineers entering the workforce each year," Lara Carty, Man Group's chief people officer, told Insider. It's also spanned a variety of backgrounds, from workers on the trading desk to communications and public-relations employees, Carty said. There's classroom-based learning led by about a dozen of Man Group's top engineers with a mentorship aspect.
☆ Wall Street is empowering its employees to build their own tech tools. But who is keeping track of all this stuff?
  + stars: | 2023-05-08 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
A story about training non-tech workers that has nothing to do with ChatGPT? Man Group, a $144 billion investment firm, has a popular training program to get non-tech workers up to speed on coding and data-science. Programs like <develop>, along with the rise of ChatGPT, speak to a wider trend across Wall Street of enabling employees to build their own tools despite not having a background in tech. Empowering people to build their own tools and apps to streamline their work seems great on paper. Read more about how Man Group teaches non-tech workers programming skills that help them save time.
☆ Bank of America's top information-security exec is taking on a brand-new role at the bank focused on the developer experience
  + stars: | 2023-05-03 | by ( Bianca Chan | Carter Johnson | ) www.businessinsider.com   time to read: +3 min
Kristopher Fador is Bank of America's new chief information security officer, succeeding Froelich. Craig Froelich is taking the helm as the chief information officer of architecture, developer experience, and policy, a newly created role at Bank of America. Froelich previously served as chief information security officer for the nation's second-largest bank, a role he held for more than eight years. He also spent time in Hong Kong for BofA, leading regional information security teams, according to his LinkedIn. At Goldman Sachs, for example, CIO Marco Argenti has made developer experience a key focus of his strategy.
☆ Wall Street's most important workers you've never thought of
  + stars: | 2023-05-02 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
And on Wall Street, where the volume of information continues to rise, application design and user interface is taking center stage. User interface and user experience have long been underappreciated in finance, which is ironic considering the public nature of the work. Read more about Citadel X, the $57 billion hedge fund's user experience and interface team. If you're still trying to understand the collapse of yet another regional bank, we've got you covered. The German bank is building out its investment bank as it eyes a potential return of M&A, the Financial Times reports.
☆ Meet Citadel X: The team of engineers at Ken Griffin's $57 billion hedge fund giving it a competitive edge by streamlining and designing its tools
  + stars: | 2023-05-02 | by ( Bianca Chan | ) www.businessinsider.com   time to read: +8 min
Citadel X is a team of about 20 engineers that leads user-interface design on the fund's tech tools. Citadel X leader Kristofer Baxter walked Insider through the future of UI at Citadel. Citadel X works with various engineering and investment teams across the company with a goal of making sure the hedge fund's high-powered tools are easy to use. Some Citadel X engineers are now embedded onto desk teams to learn the ins and outs of the business and build new tech for them. Ross McKay, a front-end software developer within Citadel's equities business, put his team's 30 applications into the Citadel X platform.
☆ When M&A takes off, these are the 27 fintechs that could get scooped up, and the firms most likely to buy them
  + stars: | 2023-04-24 | by ( Paige Hagy | Bianca Chan | ) www.businessinsider.com   time to read: +2 min
Why it's on the market: SMB lenders saw valuations skyrocket during the pandemic years fueled by cash-strapped businesses struggling to secure loans amid tightening lending requirements. "These sorts of businesses almost certainly got way over their skis on valuation," a partner at a California-based venture firm, told Insider. SMB lenders are potential acqui-hires or acquisition targets unless they can raise more capital, according to one New York-based partner at a large venture firm. In November 2022, Pipe announced its three cofounders would step down and start the search for a "veteran" CEO. Both experts expect to see consolidation throughout the segment, with larger consumer and SMB lenders like Ramp and Brex as potential buyers.
☆ Goldman Sachs wants to simplify options trading for its clients with this new AI-powered tool
  + stars: | 2023-04-24 | by ( Bianca Chan | ) www.businessinsider.com   time to read: +5 min
Goldman Sachs is building out a tool used by institutional clients for pricing derivatives. Goldman Sachs is expanding on a tool aimed at simplifying the complex world of derivatives trading for its institutional clients. At its core, Visual Structuring is making it easier to translate an idea about the markets into a potential options trading strategy. Screenshot of Goldman Sachs' Visual Structuring tool used to price options. Visual Structuring helped them explain the risk they're taking in a way that's easy to monitor and understand.
☆ Meet the 12 executives helping PE firms overhaul their tech strategies and streamline how they cut deals
  + stars: | 2023-04-24 | by ( Bianca Chan | Rebecca Ungarino | ) www.businessinsider.com   time to read: +2 min
The people responsible for private-equity firms' internal tech have never been more important. In the world of private equity, where firms generate returns and mint millions of dollars by relying on human judgment, technology hasn't always had a strong foothold. But that's starting to change as some of the largest PE firms take the plunge to invest in their own internal tech. Private equity has largely taken a wait-and-see approach to investing and building internal tech operations. Here is a list of top tech execs to know in the private equity industry.
☆ Millennium is on the hunt for engineers in Miami. A top tech exec for the $58 billion hedge fund details the firm's new training program.
  + stars: | 2023-04-19 | by ( Bianca Chan | ) www.businessinsider.com   time to read: +5 min
The head of tech for Miami outlines what applicants can expect, how to stand out, and why Miami. Naumovich, who was hired in September 2022, is responsible for building out Millennium's tech presence and tech offerings in Miami. A big part of that mandate will come down to recruiting tech talent, which has previously proven challenging for Wall Street firms in the area. The rotational program is the first of its kind in Millennium's tech organization. Wall Street SouthThe LEaD program is just one aspect of Millennium's big-picture build out in Miami.
☆ Balyasny built these 4 cloud-based tools that are critical in the $19.5 billion hedge fund's push into new trading strategies
  + stars: | 2023-04-19 | by ( Bianca Chan | ) www.businessinsider.com   time to read: +2 min
Balyasny Asset Management is a multi-strategy hedge fund that has used the cloud since 2017. The firm's chief information officer and chief data officer detail 4 tools it built on the cloud. Balyasny Asset Management is deploying an arsenal of secret weapons that the $19.5 billion hedge fund has been building on the public cloud. The firm's data, applications, and investment teams all operate on cloud-based technologies, added Grimaldi, who is a former managing director at both JPMorgan and Goldman Sachs. In turn, the firm's tech and data teams have doubled in size since 2021 to more than 450 people.
☆ Millennium's new Miami-based engineering program is the latest shot in hedge fund's war for young tech talent
  + stars: | 2023-04-17 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +4 min
Insider's Bianca Chan has a first look at Millennium Management's new engineering training program for its Miami office. Click here to read more about Millennium's new training program for engineers in Miami. JPMorgan's Jamie Dimon, BlackRock's Larry Fink, Citigroup's Jane Fraser, and Wells Fargo's Charlie Scharf shared thoughts on the banking crisis during their respective earnings calls. The world's largest money manager is open to making some deals in the wake of the banking crisis. Despite all the chatter on the recent banking crisis, JPMorgan's CEO still had thoughts on the state of the wider economy.
☆ Inside Millennium Management's new engineering-recruitment program in Miami, from what applicants can do to stand out to why the city is becoming a key tech hub for the $58 billion hedge fund
  + stars: | 2023-04-17 | by ( Bianca Chan | ) www.businessinsider.com   time to read: +5 min
The head of tech for Miami outlines what applicants can expect, how to stand out, and why Miami. Naumovich, who was hired in September 2022, is responsible for building out Millennium's tech presence and tech offerings in Miami. A big part of that mandate will come down to recruiting tech talent, which has previously proven challenging for Wall Street firms in the area. The rotational program is the first of its kind in Millennium's tech organization. Wall Street SouthThe LEaD program is just one aspect of Millennium's big-picture build out in Miami.
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