How Wall Street is really using AI — from staff training to performance reviews

Wall Street is undergoing a significant transformation as major banks invest heavily in artificial intelligence (AI) to enhance their operations. From trading floors to administrative tasks, AI is becoming an integral part of how these financial institutions function. This technological shift is not only impacting workflows but is also reshaping workplace culture, redefining roles from software engineers to C-suite executives. According to consulting firm ThoughtLinks, AI is projected to redefine 44% of the work done at banks by 2030. However, this rapid evolution comes with challenges, particularly as bank leaders grapple with the increasing threat of AI-powered cyberattacks. Analysts are also pressing firms for clarity on when these substantial investments will yield returns. JPMorgan Chase, which has allocated a staggering $18 billion for technology, is positioning itself as a leader in AI. CEO Jamie Dimon is a noted proponent of the bank's generative AI suite, which is already in use by over 200,000 employees. The bank has introduced its proprietary AI platform and is actively developing around 100 additional tools to optimize workflows across various roles. In a notable development, JPMorgan has enabled its employees to utilize AI tools for writing year-end performance reviews, illustrating the practical applications of AI in employee evaluation processes. Dimon has expressed confidence that the bank's $2 billion investment in AI has already generated savings equivalent to its costs. Citigroup is also ramping up its AI initiatives, having recently appointed new leadership to spearhead its technology transformation. CEO Jane Fraser announced that nearly 180,000 employees across 83 countries now have access to Citi's proprietary AI tools, which have been utilized almost 7 million times this year. The bank's generative AI tools alone have reportedly saved 100,000 developer hours weekly through automated code reviews, leading to significant productivity improvements. Citi has also launched a pilot program for agentic AI, allowing employees to complete complex tasks with a single prompt, showing promising initial results. Fraser emphasized the bank's commitment to integrating AI throughout its processes to enhance efficiency and client experience. Furthermore, Citi is encouraging its employees to leverage AI for performance reviews, similar to JPMorgan's approach. Goldman Sachs has dedicated $6 billion to technology this year, although CEO David Solomon expressed a desire for even greater investment. He highlighted the productivity gains from AI, particularly for software engineers, noting that advanced tools can drastically reduce the manpower needed for coding tasks. Goldman has rolled out an internal AI assistant to all employees, with top executives eager to harness AI to drive business growth. Morgan Stanley is also making strides in its AI endeavors, with CFO Sharon Yeshaya discussing the success of tools like DevGen.AI, which saved developers over 280,000 hours in the first half of the year. Popularity surveys among the firm's interns show ChatGPT as a favored tool, with 72% of them using it frequently. Finally, Bank of America is deeply embedding AI across its operations, with CEO Brian Moynihan noting the effectiveness of its virtual assistant, Erica, which handled two million customer interactions in a single day. The bank plans to reveal more about its AI strategies during its upcoming investor day. This sweeping adoption of AI across Wall Street not only signifies a technological evolution but also presents new challenges and opportunities for the financial sector as it navigates this transformative landscape.