ChatGPT Banned By Goldman Sachs And Citi

By LiquidOcelot | liquidocelot | 27 Feb 2023


Photo by Olga Subach on Unsplash

Introduction

ChatGPT, the popular chatbot that has been gaining attention in the world of artificial intelligence, has been banned by two of the world’s largest banks, Goldman Sachs And Citi. The decision was made in order to protect the banks from potential risks and to ensure the safety of their employees. This news has sent shockwaves throughout the AI industry and many are now questioning the future of ChatGPT.

In this blog post, we will explore the reasons behind Goldman Sachs and Citi’s decision to restrict the use of ChatGPT and what it could mean for the future of the chatbot.

What did Goldman Sachs and Citi do?

Photo by Rubaitul Azad on Unsplash

Recently, Citigroup and Goldman Sachs took steps to prevent its staff from utilising the well-liked ChatGPT chatbot. Bloomberg and Financial News claim that Citigroup has blocked access to the chatbot as a result of automated limitations placed on third-party software. The use of this chatbot was also prohibited for Goldman Sachs traders. Citi and Goldman Sachs representatives declined to comment on this news. The usage of ChatGPT by traders was previously prohibited by JPMorgan due to worries about regulatory action brought on in part by the exchange of sensitive financial information with the chatbot.

 

https://www.telegraph.co.uk/technology/2023/02/21/jp-morgan-cracks-traders-use-chatgpt/

Because it can do a variety of jobs including creating stock articles and sending layoff emails, ChatGPT is a phenomenon on the internet. But, due to regulatory issues raised by its popularity and AI capabilities, Goldman Sachs and Citi have decided to forbid their workers from using it.

Why did they do it?

Photo by Dan Nelson on Unsplash

Although neither organisation would elaborate on their reasoning, it might have anything to do with compliance issues or concerns regarding data privacy. Whatever the reason, it seems that none of the major Wall Street corporations will employ ChatGPT going forward, at least for the time being.

While some may find this disappointing, given the current state of data privacy and compliance rules, it appears to be the safest choice for these businesses. Also, since that two significant players are no longer in the game, investors may need to hunt for alternate sources for content and services linked to AI.

This article was originally published on medium at https://medium.com/inkwater-atlas/chatgpt-banned-by-goldman-sachs-and-citi-d8d966027b65

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