Morgan Stanley CEO dubs AI a ‘weapon’ against financial crimes

December 06, 2023 01:49 PM PST | By Invezz
Follow us on Google News:

Artificial intelligence could play a meaningful role in keeping financial crimes in check, says James Gorman – the Chief Executive of Morgan Stanley (NYSE: MS).

Morgan Stanley CEO testifies before Congress

The Wall Street bank now spends close to $1.0 billion on its cybersecurity efforts aimed at keeping the financial system safe – versus just $50 million in 2010 when Gorman took over as the top boss.

I think the advances in AI will be a real strategic weapon in this regard [stopping bad actors].

The Chief Executive made those remarks as he testified before Congress on Wednesday.

It’s not the first time that Morgan Stanley has touted the role of AI in the financial space. In September, the New York-listed firm also launched an artificial intelligence-enabled assistant for financial advisors (find out more).

Morgan Stanley is committed to security

Morgan Stanley “works closely with intelligence agencies” to protect its clients from financial harm, added James Gorman on Wednesday.  

He also confirmed that the financial services behemoth relies on an “enormous compliance team” to restrict money laundering – thereby preventing hostile governments or organisations from penetrating the banking network.  

Note that James Gorman will step down as the Chief Executive of Morgan Stanley at year end. The investment bank has already named Ted Pick its new lead to take the helm on January 1st. Watch here: https://www.youtube.com/embed/KJsExQYvBQ8?feature=oembed

Morgan Stanley is scheduled to report its financial results for the fourth quarter in mid-January. Consensus is for it to earn $1.23 a share versus $1.31 per share a year ago.

The post Morgan Stanley CEO dubs AI a ‘weapon’ against financial crimes appeared first on Invezz


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.



Top Listed Companies