Anthropic Launches AI Agents for Balance Sheets and Pitch Decks, Intensifying Competition With Banking AI Startup Rogo

Anthropic launched agents for reviewing balance sheets and drafting pitch decks on May 4, 2026 or May 5, 2026. The move represents the latest effort by a frontier AI lab to enter investment banking, a sector where specialized startups have built entrenched positions. OpenAI hired more than 100 former investment bankers to train its financial products in 2025.

The company is among those now competing directly with well-funded startups that have long served companies’ industry-specific AI needs, Semafor reported. Similar products to frontier lab offerings are already live in investment banks via Rogo. The $2 billion startup is automating much of the junior analysts’ and associates’ workload at firms including Tiger Global, Jefferies, and Lazard.

Rogo operates with models from OpenAI and Anthropic, among others. It has dozens of bankers working with its customers, giving it deep operational reach inside banks that frontier labs are now trying to penetrate. One banker at a firm who uses Rogo told Semafor that even if OpenAI released a better product, Rogo is already integrated in employees’ workflows.

The comment underscores how embedded workflows can slow the advance of newer offerings from larger labs. For companies like OpenAI and Anthropic, competing in the investment banking AI space is human- and capital-intensive. It also means playing catch-up, Semafor reported.

Gabe Stengel, CEO of Rogo, said there is substantial work required beyond core model intelligence. “There’s so much to build outside of the core model intelligence. That’s not the core competency of these labs who, frankly, don’t understand investment banking,” he told Semafor recently when asked about competing more closely with the frontier labs.

Frontier AI labs are slowly encroaching on well-funded startups that have served companies’ industry-specific AI needs. Yet making inroads has proven slowgoing, with some corporate clients locked in by existing products. More competition is always good though, yielding quicker product releases and better customer service.