Every era witnesses its unique version of FOMO. In the early 2000s, bankers were enticed by the prospect of establishing a “ dot.com.” Fast forward to the early 2020s, the allure shifted towards startups. And now, for the bankers of ‘23/‘24, the prevailing sensation revolves around the necessity of involvement in AI. If you find yourself grappling with this contemporary dilemma, you might want to avert your gaze.
Mati Staniszewski, a 29-year-old individual, dabbled briefly in the finance sector. Following his stellar academic performance in mathematics at Imperial College, London, he embarked on a professional journey that led him through roles at a software company, BlackRock, and subsequently Palantir. At the age of 27, driven by ambition, Staniszewski ventured into the realm of entrepreneurship, founding an AI company that has now burgeoned into a billion-dollar enterprise.
ElevenLabs, Staniszewski’s brainchild, specializes in leveraging AI for voice generation in videos. The technology facilitates tasks such as dubbing movies, creating authenticated versions of one’s voice for commercial purposes, voice cloning, transformation, and customization. Noteworthy figures like former Github CEO Nat Friedman have joined the recent funding initiatives.
Rather than indulging in leisurely pursuits, Staniszewski intends to reinvest his success into the company’s expansion. The latest influx of funding, which propelled the valuation to $1 billion, is earmarked for augmenting the workforce with skilled engineers and sales personnel. Staniszewski emphasized the significance of research in their operations, highlighting the substantial costs involved in developing and training the AI models to ensure competitiveness in the market.
For those contemplating a transition from financial services to join the ranks of a 29-year-old AI innovator, the opportunity beckons.
On a different note, spare a thought for Peyton Nibblett, who, amidst a challenging job market, has persevered through a staggering 1,700 job applications without securing employment, following a job loss at an executive search firm where he earned $75k annually.
In a dynamic landscape where employers wield considerable influence, Nibblett’s predicament underscores the fierce competition for entry-level positions, exacerbated by the influx of experienced candidates vying for roles that necessitate pay cuts. Not everyone can chart a course like founding an AI enterprise.
In Other News…
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Balyasny has harnessed AI bots integrated with a chat GPT tool to streamline the production of monthly analysis reports, reducing the time frame from two days to a mere 30 minutes (Business Insider).
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BNP Paribas has set a commendable target of achieving 50% female representation at the analyst and associate levels (Financial News).
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The revitalization of the vicinity outside Bank station reflects a conscious effort towards environmental sustainability and urban rejuvenation, transforming the once dreary locale into an inviting space for relaxation and social interactions (Bloomberg).
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Notable financial institutions like Goldman Sachs, Citi, and Barclays are actively engaged in pitching to refinance leveraged debts that were previously channeled to direct lenders during market volatility (Bloomberg).
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Bank of America witnessed a substantial surge in non-performing commercial real estate (CRE) loans in 2023, with the proportion escalating from 0.39% to 2.64%, culminating in non-performing CRE loans exceeding $1.9 billion (Risk).
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A remarkable tale of survival emerges as an asset management PR professional narrowly escapes a perilous situation by maintaining control over her heart rate and regulating her breathing, averting a fatal outcome (Financial News).
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Citadel’s impressive track record includes generating \(8.1 billion in profits for clients last year and a cumulative profit of \)74 billion since its establishment (Forbes).
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Ruth Porat, the CFO of Alphabet and former Morgan Stanley executive, bravely battled breast cancer (Bloomberg).
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Credit Suisse’s pioneering efforts in debt-for-nature swaps have garnered widespread interest and acclaim within the financial landscape (Bloomberg).
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