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(Bloomberg) — Morgan Stanley\u2019s use of artificial intelligence has already changed how coders do their jobs and is having \u201ca pretty profound impact\u201d on software development, according to Mike Pizzi, the firm\u2019s global head of technology and operations. <\/p>\n<\/div>\n
As AI writes more code, engineers are freed up to spend more time on complex tasks such as code reviews, Pizzi said in an interview. <\/p>\n<\/div>\n
Finance industry executives have raced to capitalize on the technology, but so far many of the use cases have skewed toward the mundane: summarizing documents and drafting emails. Now, though, technology companies are launching AI tools aimed at computer programming. <\/p>\n<\/div>\n
When OpenAI launched its latest model in August, Chief Executive Officer Sam Altman said, \u201cthis idea of software on demand will be a defining part of the new GPT-5 era.\u201d <\/p>\n<\/div>\n
Practically speaking, that means users can use natural language to prompt AI models to write code \u2014 a process that\u2019s become known as \u201cvibe coding\u201d \u2014 as well as handling repetitive or cumbersome tasks such as debugging. <\/p>\n<\/div>\n
\u201cThere isn\u2019t a business in the firm that\u2019s not leaving projects behind in the budget process every year,\u201d Pizzi said. \u201cIf you look at it from a standpoint of spend, if we can be more productive on that spend, we are going to deliver more product.\u201d <\/p>\n<\/div>\n
The rapid clip of AI advancements has also prompted questions about how such tools could ultimately affect jobs, allowing firms to drive down their costs by reducing headcount. Wall Street executives have described it as more of a supplement, at least for now. At Morgan Stanley, 98% of employees have access to at least one generative AI tool. <\/p>\n<\/div>\n
\u201cAre there going to be jobs that are reduced or replaced?\u201d Pizzi said. \u201cProbably. But in many it\u2019s going to be that increase in productivity that increases what we can deliver.\u201d\u00a0 <\/p>\n<\/div>\n