Your Evening Briefing: AI Is Sweeping Across Wall Street

Deutsche Bank is using artificial intelligence to scan wealthy client portfolios. ING Group is screening for potential defaulters. JPMorgan is advertising for more AI roles than rivals. Morgan Stanley bankers are, well, “experimenting.” Unsurprisingly, the AI revolution is unfolding rapidly on Wall Street as wider interest grows in the evolving technology and its likely impact on business. Given the fears of mass unemployment (if not extinction) at the robot hands of this new tech, it may be surprising to some that the nascent industry is actually creating jobs—for now anyway. At the most enthusiastic banks, about 40% of all open roles are for AI-related hires, such as data engineers and quants (as well as ethics and governance roles). Says Kirsten-Anne Bremke, global lead on data solutions at Deutsche Bank’s international private bank: “I’m a big fan of combining artificial and human intelligence.”

It’s not over yet. US Senators scrambled Thursday to agree on a plan for swift consideration of the debt-limit deal forged by President Joe Biden and House Speaker Kevin McCarthy ahead of a June 5 deadline. Senators in each party met separately behind closed doors to sort through which amendments could be considered, and how best to pacify some last minute demands, including those by two Republicans who threatened maneuvers that could push a vote past the point where the government would default.