Anthropic unveils AI agents for Wall Street's routine tasks

Anthropic is deploying AI agents in the finance industry, aiming to handle tasks that require persistent effort on Wall Street—like getting ready for client appointments and engaging in market analysis.

The announcement made on Tuesday coincides with the efforts of both startups and banks to develop similar tools that aim to automate some of Wall Street's more tedious tasks, positioning the company behind Claude in a highly competitive market.

The 10 distinct agents encompass a "model builder," crafted to formulate financial models using filings and analyst reports, and a "pitch builder," designed to draft presentation materials for client meetings, Anthropic stated in a blog entry.

According to a presentation given by the firm on Tuesday, financial services stand as Anthropic's second-largest industry by enterprise revenue, trailing technology. Presently, 40% of the company's top 50 clients are tied to the finance sector, as noted in the slide.

The major players on Wall Street are actively incorporating AI technologies to cut down the time taken by their workforce, ranging from junior bankers to software engineers, in their everyday tasks.

Notable banks, like JPMorgan, Goldman Sachs, and Morgan Stanley, have introduced AI assistants internally to aid a significant portion of their staff.

These applications are intended to assist employees in summarising internal studies, composing emails and reports, scripting code, and preparing for meetings with clients.

Numerous startups have also emerged as prominent contenders in the AI finance sector.

Rogo, with a valuation of $2 billion and established by alumni of investment banks, caters to over 250 clients. Its solutions can assemble pitch decks, execute research, prepare for meetings, and develop models.

Rahul Rekhi, Rogo's president, expressed limited concern over rising competition, partly because Rogo's offerings are adaptable and supported by finance knowledge.

Hebbia, a startup offering an array of AI solutions to finance professionals and legal practitioners, has deployed platforms capable of managing multiple queries concurrently across datasets like spreadsheets and regulatory filings, producing comparative company analyses and drafts that otherwise require extended manual effort.

Progress in generative AI is also stirring unease regarding workforce counts at Wall Street banks. Leading banks have yet to announce any significant AI-driven layoffs, despite some CEOs noting a deceleration in hiring.

JPMorgan CEO Jamie Dimon noted his bank has substantial "redeployment plans" for employees affected by AI, reiterating this during Tuesday's event with Anthropic CEO Dario Amodei.