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Wall Street is in danger from an unexpected enemy.
Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said in an interview with the Financial Times about the possibility of a financial crisis due to artificial intelligence. In his opinion, this could happen as early as the late 2020s or early 2030s. Gensler stressed that over-reliance on models developed by technology companies can lead to economic chaos.
"I think that in the future we will have a financial crisis... and in the results reports, people will say, ' Aha! There was one data aggregator or one model that we relied on."Maybe it will be in the mortgage market or in some sector of the equity market," he said.
Gensler called for regulation of artificial intelligence, which would take into account both the basic AI models created by technology companies and how they are used by banks on Wall Street. He described it as "interagency regulation."
Wall Street banks are actively adopting generative artificial intelligence. So, Morgan Stanley launched an AI assistant based on the GPT4 model from OpenAI to help employees access market information. In turn, JPMorgan filed a patent for an AI model called 'IndexGPT', which would help traders choose securities to invest in.
However, some banks have imposed restrictions on the use of ChatGPT, even experimenting with the new technology. Goldman Sachs, Deutsche Bank and Bank of America banned their employees from using chatbots at work earlier this year.
Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said in an interview with the Financial Times about the possibility of a financial crisis due to artificial intelligence. In his opinion, this could happen as early as the late 2020s or early 2030s. Gensler stressed that over-reliance on models developed by technology companies can lead to economic chaos.
"I think that in the future we will have a financial crisis... and in the results reports, people will say, ' Aha! There was one data aggregator or one model that we relied on."Maybe it will be in the mortgage market or in some sector of the equity market," he said.
Gensler called for regulation of artificial intelligence, which would take into account both the basic AI models created by technology companies and how they are used by banks on Wall Street. He described it as "interagency regulation."
Wall Street banks are actively adopting generative artificial intelligence. So, Morgan Stanley launched an AI assistant based on the GPT4 model from OpenAI to help employees access market information. In turn, JPMorgan filed a patent for an AI model called 'IndexGPT', which would help traders choose securities to invest in.
However, some banks have imposed restrictions on the use of ChatGPT, even experimenting with the new technology. Goldman Sachs, Deutsche Bank and Bank of America banned their employees from using chatbots at work earlier this year.
