Citigroup is planning to grant the majority of its over 40,000 coders access to generative artificial intelligence as Wall Street continues to embrace the burgeoning technology. From a report: As part of a small pilot program, the Wall Street giant has quietly allowed about 250 of its developers to experiment with generative AI, the technology popularized by ChatGPT. Now, it’s planning to expand that program to the majority of its coders next year. The bank and its rivals have slowly begun experimenting with the technology, which created waves last year when ChatGPT made its debut and showed how generative AI can produce sentences, essays or poetry based on a user’s simple questions or commands. The technology typically creates this new work after being trained on vast quantities of pre-existing material.
Increasingly, bank executives argue artificial intelligence will make their staffers more efficient. Like when federal regulators dropped 1,089 pages of new capital rules on the US banking sector, Citigroup combed through the document word by word using generative AI. The bank’s risk and compliance team used the technology to assess the impact of the plans, which will determine how much capital the lender has to set aside to guard against future losses. Generative AI organized the proposal into pieces and composed key takeaways, which the team then presented to the outgoing treasurer Mike Verdeschi.
The wages of sin are high but you get your money’s worth.