Citadel CEO Ken Griffin has taken a different approach from Wall Street banks, who have banned using artificial intelligence chatbots in their offices. Instead, Griffin is currently in the process of obtaining a company-wide license to utilize OpenAI's ChatGPT tool.
"This branch of technology has real impact on our business," Griffin told Bloomberg in an interview on Tuesday in sunny Palm Beach, Florida. "Everything from helping our developers write better code to translating software between languages to analyze various types of information that we analyze in the ordinary course of our business," he added.
Griffin, who heads the South Florida hedge fund Citadel and capital-markets firm Citadel Securities, touted the chatbot as the "fastest-growing consumer application in the history of the internet." He emphasized: "I'm really excited to see how this changes the world."
Griffin views ChatGPT as a way to streamline tasks for employees, enabling them to be more productive. "It will take an enormous amount of work that's done today by people, and do it in a distinctly different, highly automated, efficient way," he said.
Last year was a banner year for both of Griffin's companies, with Citadel Securities raking in revenue of $7.5 billion and becoming the largest trading unit in the US. Similarly, Griffin's flagship hedge fund recorded a 38% surge due to strong performances in equities and commodities.
The billionaire founder is setting a precedent for the industry at a time when many Wall Street banks, such as Bank of America Corp., Citigroup Inc., Deutsche Bank AG, Goldman Sachs Group Inc., and Wells Fargo & Co., have prohibited ChatGPT from the office.