Morgan Stanley’s Robot Libor Lawyers Saved 50,000 Hours of Work

Untangling trillions of dollars worth of loans and other financial contracts from Libor is a complex, expensive and time-consuming job.

So, finance giants are turning to artificial intelligence to simplify and speed up a task mandated by regulators -- and spare human lawyers some serious drudgery.

Morgan Stanley figures it’s saved legal staffers 50,000 hours of work and $10 million in attorney fees by using robot Libor lawyers instead of only the human kind. Goldman Sachs Group Inc. says computer algorithms sped things up “drastically.” These banks aren’t alone in adopting AI, and the revolution likely won’t stop with ...