F. Guzm’an
Publications
BankerToolBench: Evaluating AI Agents in End-to-End Investment Banking Workflows
Existing AI benchmarks lack the fidelity to assess economically meaningful progress on professional workflows. To evaluate frontier AI agents in a high-value, labor-intensive profession, we introduce BankerToolBench (BTB): an open-source benchmark of end-to-end analytical workflows routinely performed by junior investment bankers. To develop an ecologically valid benchmark grounded in representative work environments, we collaborated with 502 investment bankers from leading firms. BTB requires agents to execute senior banker requests by navigating data rooms, using industry tools (market data platform, SEC filings database), and generating multi-file deliverables--including Excel financial models, PowerPoint pitch decks, and PDF/Word reports. Completing a BTB task takes bankers up to 21 hours, underscoring the economic stakes of successfully delegating this work to AI. BTB enables automated evaluation of any LLM or agent, scoring deliverables against 100+ rubric criteria defined by veteran investment bankers to capture stakeholder utility. Testing 9 frontier models, we find that even the best-performing model (GPT-5.4) fails nearly half of the rubric criteria and bankers rate 0% of its outputs as client-ready. Our failure analysis reveals key obstacles (such as breakdowns in cross-artifact consistency) and improvement directions for agentic AI in high-stakes professional workflows.
An Imperfect Verifier is Good Enough: Learning with Noisy Rewards
Reinforcement Learning with Verifiable Rewards (RLVR) has become a prominent method for post-training Large Language Models (LLMs). However, verifiers are rarely error-free; even deterministic checks can be inaccurate, and the growing dependence on model-based judges exacerbates the issue. The extent to which RLVR is robust to such noise and the verifier accuracy required for effective training remain unresolved questions. We investigate these questions in the domains of code generation and scientific reasoning by introducing noise into RL training. Noise rates up to 15% yield peak validation accuracy within 2 percentage points of the clean baseline. These findings are consistent across controlled and model-based noise types, three model families (Qwen3, GLM4, Llama 3.1), and model sizes from 4B to 9B. Overall, the results indicate that imperfect verification does not constitute a fundamental barrier to RLVR. Furthermore, our findings suggest that practitioners should prioritize moderate accuracy with high precision over perfect verification.
Translation as a Scalable Proxy for Multilingual Evaluation
The rapid proliferation of LLMs has created a critical evaluation paradox: while LLMs claim multilingual proficiency, comprehensive non-machine-translated benchmarks exist for fewer than 30 languages, leaving >98% of the world's 7,000 languages in an empirical void. Traditional benchmark construction faces scaling challenges such as cost, scarcity of domain experts, and data contamination. We evaluate the validity of a simpler alternative: can translation quality alone indicate a model's broader multilingual capabilities? Through systematic evaluation of 14 models (1B-72B parameters) across 9 diverse benchmarks and 7 translation metrics, we find that translation performance is a good indicator of downstream task success (e.g., Phi-4, median Pearson r: MetricX = 0.89, xCOMET = 0.91, SSA-COMET = 0.87). These results suggest that the representational abilities supporting faithful translation overlap with those required for multilingual understanding. Translation quality, thus emerges as a strong, inexpensive first-pass proxy of multilingual performance, enabling a translation-first screening with targeted follow-up for specific tasks.