Niket Nishant and Tatyana Bautzer
NEW YORK (Reuters) – Using artificial intelligence (AI) could save Morgan Stanley financial advisers 10 to 15 hours a week, the bank’s CEO Ted Peake told investors at a conference on Monday.
“This is a potential game-changer,” Peake said, adding that the bank’s tool for transcribing and entering client meeting notes into a database could improve advisers’ productivity.
It could also help advisers fine-tune topics to discuss with wealthy clients and tailor investment products to their needs, he said.
Last year, Reuters reported that Morgan Stanley was testing a generative AI chatbot developed with OpenAI.
Peek expects high US interest rates to continue, echoing the views of his colleagues Jamie Dimon of JPMorgan Chase (NYSE:) and David Solomon of Goldman Sachs.
“It’s good for business – we’ll print tickets,” he said, providing trading platforms, creating markets or helping clients hedge their risks in volatile trading conditions.
The bank plans to increase lending to high-net-worth clients through sophisticated products such as structured lending, Peak said.
“As deposits continue to grow, loans and directed lending will grow,” he said.
In addition, Peak said Morgan Stanley will maintain its “sacred” dividend, while noting that share buybacks will depend on share prices. “I’m a big proponent of dividends,” he said.
Over the past year, the bank’s shares have risen by more than 12%.