OpenAI Rolls Out Finance-Tuned ChatGPT Built With Morgan Stanley and Evercore

Product / TechIndustry
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Summary · why it matters

OpenAI has rolled out a version of ChatGPT built for financial services, developed with Morgan Stanley and Evercore, targeting the research and pitch book work junior analysts grind through. Nik Turley of OpenAI said the company is effectively teaching ChatGPT to research like an analyst and to back up its conclusions like an analyst as well, and OpenAI's answer to what happens to junior bankers was that they don't need to do this by hand anymore, though the analysts will still be around and will just be more productive. Morgan Stanley's investment banking revenue reached $2.44 billion in the second quarter, up 58% year over year, with advisory alone at $798 million, while Evercore ran 296 fee-paying advisory engagements in the quarter, with 132 fees of $1 million or more. Chief executive Ted Pick told analysts AI was one of two defining themes of 2026 and that its potential for enhanced efficiencies and productivity is only beginning to be realized. Evercore's adjusted compensation ratio was 63.5% in the second quarter and Morgan Stanley's firmwide efficiency ratio was 65% year to date, but every previous productivity wave in finance, from electronic execution to index construction, raised volume and compressed pricing rather than widening margins, making more deals per senior banker the likelier outcome than permanently fatter margins. Evercore has added 19 new senior managing directors year to date, bringing its global investment banking SMD count to 188, with more than 50 currently ramping, as both firms invest in humans and machines simultaneously.

Impact on stocks 2

Financials▲ · 2 stocks
Evercore Partners Inc
EVR
▲ PositiveTechnologyrelevance

Evercore co-developed OpenAI's finance-tuned ChatGPT, a productivity tool for its advisory workflow.

Morgan Stanley
MS
▲ PositiveTechnologyrelevance

Morgan Stanley co-developed OpenAI's finance-tuned ChatGPT, which CEO Ted Pick calls a defining 2026 theme for efficiency.

Theme Impact 1

Off-coverage companies 1

OpenAIPrivate▲ Positive
Technologyrelevance

OpenAI rolled out a finance-services version of ChatGPT built with Morgan Stanley and Evercore.

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