Investment Bankers Built A $2B AI To Replace Themselves | Term Sheet

Gabe Stengel studied computer science at Princeton and started his career as an investment banking analyst at Lazard. Then he did something a lot of bankers think about but never do: he quit at 23 to build the AI that would automate his old job. After 30 VC passes and two grueling years, his company Rogo just raised $160 million at a $2 billion valuation, and 35,000 bankers at firms like JPMorgan, Bank of America, and his former employer Lazard now use it. Fortune's Allie Garfinkle sits down with Gabe to talk about the future of M&A, why some Wall Street workflows will never need a human again, and what AI means for the next generation of investment bankers.0:00 The Banker Automating Wall Street0:16 What "AI for Wall Street" Actually Means3:13 Inside the Billion-Dollar Deal Rooms6:07 Quitting Wall Street at 237:35 The Brutal Early Days & 30 Rejections14:45 Meet Felix, the AI That Never Sleeps19:55 Will AI Kill Banking Jobs?25:52 Competing With OpenAI, Anthropic & Google 30:08 Why a Finance Legend Bet on Him35:30 Does Wall Street Still Matter? Learn more about your ad choices. Visit megaphone.fm/adchoices