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This study explores the transformative impact of generative artificial intelligence (Gen AI) on the financial sector through a novel machine learning topic modeling analysis of both academic and grey corpus. It reveals divergent focuses: academics concentrate on Gen AI applications like applications and the use of ChatGPT in finance research and financial analytics, while grey corpus covers broader implications and the necessity for ethical and governance frameworks. The study uncovers Gen AI's potential to revolutionize financial modeling, risk assessment, fraud detection, and customer service, juxtaposed with significant ethical and regulatory challenges. It highlights the critical need for robust regulatory frameworks to address these challenges, providing key insights for financial institutions, policymakers, and regulators. The findings emphasize the dual nature of Gen AI as a driver of innovation and efficiency in the financial industry and as a source of complex ethical considerations, laying the groundwork for future research on ethical, technological, and regulatory advancements in Gen AI integration within the financial industry.