AI Doesn’t Fix Broken Processes: Why Wall Street’s Millions in Tech Spending Are Accelerating Failure
There is a distinct flavor of panic echoing through the monoliths of lower Manhattan. Driven by an intense fear of missing out, Wall Street firms have funneled hundreds of millions of dollars into generative AI, LLMs, and automated algorithmic infrastructure. The promises made to boards were intoxicating: instant compliance checks, flawlessly automated risk management, and back-office operations that run at the speed of thought.