OpenAI Rolls Out ChatGPT Tool Built to Do Junior Wall Street Bankers' Work

OpenAI launched a version of ChatGPT built specifically to do the work of Wall Street's entry-level employees on Thursday, September 10.

The product, called ChatGPT for Financial Services, is a customized build of the company's enterprise tool, ChatGPT Work, according to OpenAI's own announcement. It runs on GPT-6 Astra, the company's newest model, and was developed with Morgan Stanley and Evercore as "design partners," OpenAI Vice President of Product Nick Turley told CNBC during a briefing.

The target is unmistakable: the research, financial modeling and pitchbook creation that investment banking analysts and associates, usually recent college graduates, have handled for decades. "We're effectively teaching ChatGPT to research like an analyst and back up its conclusions like an analyst as well," Turley said, according to CNBC.

In a live demo described by both CNBC and Quartz, Turley had the tool analyze a potential M&A target, pull financial figures from industry data sources, select comparable companies, and spit out a formatted PowerPoint deck matching a bank's own template. "It's very easy to make slides that look good, but it's much harder to make slides that actually make sense," Turley said.

What's Actually Under the Hood

The difference between this and the standard ChatGPT Work product is data access. OpenAI built in direct connections to LSEG, Daloopa and PitchBook, giving the system financial statements and earnings call transcripts without users needing separate logins, according to OpenAI's own blog post and confirmed by CNBC and Business Insider.

Channel NewsAsia reported the dataset also covers Crunchbase and Quartr, and that firms with existing subscriptions to FactSet, S&P Global, Preqin and Datasite can link those accounts directly. OpenAI said it plans to add S&P Capital IQ, Factiva and Moody's data down the line, per Business Insider.

The tool includes "granular citations" that let analysts trace a number back to its original filing, plus chart-verification and permission controls meant to protect confidential deal information, according to OpenAI and Channel NewsAsia. Those governance features build on ChatGPT Enterprise's existing role-based access and encryption, Channel NewsAsia reported.

The Jobs Question OpenAI Won't Fully Answer

Asked directly whether the product would cut into junior banker hiring, Turley pushed back on the framing. "If you study the life of an analyst or of a banker, depending on the industry, they're working 100-hour weeks," he told CNBC. "I think in the same way that Microsoft Excel transformed the industry and allowed them to produce better analysis faster, you will see technology like this do the same."

Excel didn't eliminate financial analysts. But Excel also didn't write the analysis, choose the comparable companies and build the client-ready deck on its own.

Goldman Sachs partner Chris Churchman, who leads one of the bank's AI initiatives, has warned that automating the exact tasks junior bankers use to learn the job could weaken their analytical skills over time, according to reporting relayed by ua.news. That's a genuine concern from inside the industry, not outside criticism: the grunt work of building comps and checking numbers is how a 24-year-old analyst becomes a banker who can spot a bad deal on instinct a decade later. If ChatGPT does that work instead, the training pipeline for future senior bankers gets thinner, not just the entry-level headcount.

Turley declined to name any banks beyond Morgan Stanley and Evercore that have signed on to use the product, telling reporters there was "significant demand" without specifics, according to ua.news.

The Bigger Picture for OpenAI

The launch fits a pattern. OpenAI's chief financial officer, Sarah Friar, told investors in August that the company's enterprise business now generates more revenue than its consumer ChatGPT product, according to CNBC and Business Insider. Business Insider reported Friar teased the financial services push at a Goldman Sachs conference earlier this week, alongside plans for sector-specific tools in chip design, life sciences and personal finance.

The timing lines up with what Business Insider describes as an anticipated OpenAI initial public offering in 2027. OpenAI is not yet a public company, and no IPO date has been set as of this writing.

One outlet, Crypto Briefing, framed the launch mostly around what it means for OpenAI's valuation, claiming vaguely that "markets appear to interpret this development as supportive of future growth" without citing any market data, stock movement, or named analyst to back that up. The concrete facts are the product's data partnerships, its design collaboration with two named banks, and OpenAI's own description of what the tool does, all of which are independently confirmed by OpenAI's blog post and CNBC's on-record interview with Turley.

Anthropic launched a competing product, Claude for Financial Services, last year, and Google is also chasing enterprise AI contracts in the sector, according to CNBC and ua.news. Whether Morgan Stanley or Evercore actually cut analyst hiring classes because of this tool is not something any source has reported yet. That's the number to watch when banks announce their 2027 incoming analyst classes.