Investment management and investment banking, as terms, are sometimes used loosely and interchangeably. Investment management pertains to investment and asset allocation decisions, while investment banking focuses on capital raising strategies (M&A, IPO, advisory, strategic guidance, issuance of stocks, etc.) for large entities (corporation, government, funds, etc.). Consequently, scope and influence of investment banks is much larger.

This whitepaper exclusively focuses on recent AI initiatives at top twelve investment banks (does not cover investment management decisions around trading, portfolio management, equity research, analyst reports, etc.) and identifies areas in need of improvement (concerns).