Banks are bringing in AI ‘Maestros’ to beat their competitors
FINANCIAL NEWS
At Bank of America, a ‘Maestro’ has arrived to shake up its markets business.
It’s not the nickname of a hotshot trader but rather an artificial intelligence assistant that the Wall Street bank hopes will give it an edge.
Other firms are also tailoring generative AI tools for their traders, cautiously charting a path for the latest breakthroughs to become mainstays of high-end roles on the trading floor.
“The concept is exploding,” said Lewis Liu, founder of Eigen Technologies, a firm that has helped Goldman Sachs and other banks to build AI tools.
The tool scours the bank’s internal databases to generate responses to users’ inputs. It finds and collates information such as client activity, notes by sales and trading staff, and analyst research.
Maestro is a step up from ‘Optimus’ — a tool that matches employees’ inputs with internal information but not by using generative AI — the person said.
Goldman handed bankers, traders and asset management staff access to its ‘GS AI Assistant’ in January before launching the platform firm-wide in June.
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