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The AI revolution is unfolding on Wall Street as wider interest grows in the evolving technology and its likely impact on business. At the most enthusiastic banks, about 40% of all open job roles are for AI-related hires such as data engineers and quants, as well as ethics and governance roles.
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The process has already begun, according to lawyers advising lenders on technology and regulatory issues. Banks are using AI “to come up with more tailored hedging solutions through instruments like interest-rate swaps and equity derivatives, enabling them to offer better pricing to clients,” said Steven Burrows, a director at Fieldfisher LLP and a former derivatives trader.
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