OpenAI released ChatGPT for Financial Services. The product targets junior bankers who make PowerPoint slides and Excel models at three in the morning. These are the same people who spent the last six months using ChatGPT to do exactly that work while pretending they did it themselves.
The irony writes itself. Junior bankers have been feeding ChatGPT prompts like "build me a three-statement model for a consumer goods acquisition" since the day GPT-4 dropped. Now OpenAI just formalized the arrangement and cut out the middleman. The middleman being a twenty-three-year-old with an Adderall prescription and a Patagonia vest.
Wall Street acts surprised. They shouldn't be. Banks pay these kids six figures to do work a calculator could handle in 1987. The only skill required was staying awake longer than the VP. ChatGPT doesn't sleep. It doesn't expense steakhouse dinners. It doesn't send passive-aggressive emails at two in the morning to prove it's working.
OpenAI says the tool handles research, modeling, and pitchbook creation. That's the entire job description. What's left? Carrying the managing director's coffee? Even that's getting automated. Starbucks has an app.
The real victims here are the parents who paid two hundred grand for a finance degree. Their son just spent four years learning DCF models that a chatbot now cranks out in four seconds. He could've stayed home and learned Python. Or woodworking. At least chairs don't get disrupted by large language models.
Retail traders think this doesn't affect them. Wrong. When junior bankers lose their jobs, they become day traders. They take their overconfidence and their severance package and they buy Tesla calls. Then they blow up their accounts in three months and write LinkedIn posts about resilience. The pipeline from Goldman Sachs to blowing up a Robinhood account just got a lot shorter.
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