According to an August 29, 2014 article in The Wall Street Journal, “For the young bankers who get to choose them, code names are an amusing diversion from the financial modeling and PowerPoint presentations that fill their days. But one deal-making powerhouse is putting an end to the name game, opting instead to automate the process to avoid the pitfalls that go with the territory. Goldman Sachs Group Inc. now requires bankers to use name-generating software that offers 10 random options….

Banks, most of which still generate code names the old-fashioned way, have good reason to conceal live deals. Some hedge funds scour the records of newly incorporated acquisition vehicles for clues on pending deals so they can trade ahead of an official announcement….”