[Digital Today reporter Chi-gyu Hwang] OpenAI has unveiled ChatGPT for Financial Services, a service specialized for investment banking work. CNBC reported on Sept. 10 that the service is a version of the enterprise offering ChatGPT Work tuned for the financial industry. It is optimized for tasks such as corporate research, financial data analysis and drafting investment banking presentation materials.

Morgan Stanley and Evercore joined as partners, and the latest model, GPT-6 Astra, was applied. The initial areas of use are investment banking and equity research.

OpenAI is directly targeting the work traditionally handled by Wall Street junior bankers with the service.

New analysts and associates have handled corporate research for deal review, organizing financial materials and preparing pitchbooks.

Nick Turley (닉 털리), OpenAI's vice president of product, said in a briefing, "We are training ChatGPT to research like an analyst and to support its conclusions like an analyst."

In a demonstration, OpenAI showed the platform analyzing potential M&A target companies, pulling financial figures from industry-standard data sources, and producing PowerPoint materials in a bank’s pre-specified format. Turley explained that ChatGPT handled selecting comparable companies, organizing pricing data, cross-checking charts and data, and even explaining share-price declines and rebounds.

The service differs from the existing ChatGPT Work in access to financial data. ChatGPT for Financial Services has default access to LSEG, Daloopa and PitchBook data, allowing it to use financial statements and earnings call transcripts. It also automatically accesses users' existing data subscription services. It provides citation tools that track source documents, chart-verification tools and administrator controls for handling sensitive deal materials.

OpenAI said there is strong demand, but it did not disclose the names of specific banks that have adopted the service. Turley said that on the possibility of reduced hiring of junior bankers, the focus is on improving per-employee productivity rather than replacing staff.

Anthropic also launched Claude for Financial Services last year targeting Wall Street.