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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 is betting big on AI.
From trading floors to back offices, banks are rapidly weaving generative AI into the fabric of their operations.
The technology's influence, propelled into the mainstream by ChatGPT in late 2022, is now reshaping not just workflows, but workplace culture. It's changing what it means to be a software engineer, how junior bankers stand out, and even the roles inside the C-suite — all while firms explore how to deploy autonomous AI agents.
But it's also bringing on new challenges. Bank leaders say they are struggling to keep up with AI-powered cyberattacks — something that even OpenAI CEO Sam Altman worries about.
JPMorgan CEO Jamie Dimon.
Tom Williams/CQ-Roll Call, Inc via Getty Images
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.
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."
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.
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.
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.
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.
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.
Bank of America's Brian Moynihan.
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.
