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Here's everything we know about how Wall Street banks are embracing AI
Michael M. Santiago/Getty Images; Getty Images; BI
- Banks are racing to deploy generative AI tools to their employees.
- Business Insider has reported on how some of finance's biggest banks are approaching the technology.
- Citi is 'accelerating' its strategy, while JPMorgan detailed AI wins at its latest investor day.
Wall Street bank leaders say generative AI is here to stay, and they're weaving the technology throughout the fabric of their banks to make sure.
From trading to payments to marketing, it's hard to find a corner of the banking industry that isn't claiming to use AI.
In fact, the technology's impact, made mainstream by OpenAI's ChatGPT in late 2022, is becoming cultural. Generative AI is changing what it takes to be a software developer and how to stand out as a junior banker, especially as banks mull over how to roll out autonomous AI agents. The technology is even changing roles in the C-suite. But it's also presented new challenges — bank leaders say they are struggling to keep up with AI-powered cyberattacks.
From supercharging productivity via AI-boosted search engines to figuring out the best way banks can realize a return on their AI investments, here's what we know about how Wall Street banks are embracing AI.
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JPMorgan has a technology budget of $18 billion, with much of it going toward making sure it's a leader and early mover in AI.
JPMorgan CEO Jamie Dimon is a "tremendous" user of the bank's generative AI suite. While its private bankers were some of the first to be equipped with a generative AI "copilot" last May, they've rolled out its proprietary genAI platform to over 200,000 employees. And with about 100 more tools in the pipeline, JPMorgan is seeking to reengineer workflows for everyone from coders to portfolio managers.
Executives at America's largest bank gave an inside look at how it's scaling tools and delivering measurable results at its Investor Day in May.
Dimon has previously said he's out to win the AI arms race.
- Meet who he's put in charge of this critical mission.
- JPMorgan's Lori Beer just added 2 new tech leaders to her ranks. Meet the team behind the bank's AI future.
Mary Erdoes, the boss of JPM's asset and wealth-management business, used these slides to outline how she wants to prepare her people for the "AI of the future."
NICHOLAS KAMM/Getty Images
Citigroup is doubling down on its AI ambitions with new leadership at the helm of its tech transformation. In a memo obtained by BI, the three new strategy leaders outlined the firm's progress and ambitions as CEO Jane Fraser continues her mission to modernize the firm.
Meet the new exec in charge of giving an AI facelift to Citi's lagging wealth business.
Citi's top tech executive, Shadman Zafar, outlined the bank's four-phased AI strategy and how it will "change how we work for decades to come."
Michael Kovac
Is Goldman in its AI era? These real-world stories about employees using AI (in some cases daily) make it seem so. Take a look at how AI is being tested across the bank and seniority levels, from C-suites to analysts.
- 7 Goldman Sachs insiders explain how the bank's new AI sidekick is helping them crush it at work
- Goldman is assembling a growing arsenal of AI tools. Here's everything we know about 5.
- AI is doing 95% of the work on an IPO prospectus, Goldman Sachs CEO says
Goldman's top partners and CEO David Solomon are eager to see AI rev up their businesses. From realizing internal productivity gains to capturing more business as clients look to raise money in anticipation of AI development and acquisitions, here's what the top echelon is expecting.
- How AI will shake up Goldman Sachs, according to top partners and CEO David Solomon
- Inside Goldman Sachs' plans for AI, from helping non-tech workers do more with software to streamlining how code is documented
There is no AI without data, and there is no data strategy at Goldman without its chief data officer, Neema Raphael. Raphael gave BI an inside look at how his roughly 500-person team melds with the rest of the bank to get the most out of its data.
AI's impact has ripple effects that go far beyond technology. Goldman's chief information officer, Marco Argenti, predicts that cultural change will be critical to getting the bank to 100% adoption.
Jeenah Moon / Reuters
Morgan Stanley wants to turn employees' AI ideas into a reality. Here's an exclusive look at that process.
See how AI is transforming Morgan Stanley's wealth division and the jobs of its 16,000 financial advisors.
Thanks to its partnership with ChatGPT-maker OpenAI, Morgan Stanley has ramped up its AI efforts. The exec in charge of tech partnerships and firmwide innovation opened up about how it all started.
John Lamparski/Getty Images
Bank of America's chief experience officer, Rob Pascal, details how the bank's internal-facing AI assistant helps bankers collect, record, and review client data. Here are all the ways it's helping employees be more effective and efficient.
