Michael M. Santiago/Getty Images; Getty Images; BI Banks are pouring billions into AI, reshaping jobs, culture, and power on Wall Street. Leaders, some of whom are tracking AI use, have been pressed on how the spending is paying off. Here's everything we know about how banks from JPMorgan to Wells Fargo are using AI. Wall Street is betting big on, and pouring billions into, AI — and leaders have had to answer for their spending. During banks' first-quarter earnings last week, analysts pressed some executives on how those giant investments are paying off, whether in productivity gains or head count changes. Bank of America CEO Brian Moynihan had to explain why his company is an AI beneficiary, rather than a victim; Citi executives were asked about their "philosophy" on hiring and resourcing during "this new AI regime." And with Anthropic's Mythos model stoking cybersecurity fears, CEOs faced heightened scrutiny on safety, too. April's earnings calls came just one week after many Wall Street CEOs attended an impromptu meeting at the Treasury to discuss the powerful new AI model. The pressure to demonstrate returns on AI isn't new. JPMorgan Chase CEO Jamie Dimon, for example, defended his bank's spending on a January earnings call, saying he is trying to keep the company from falling behind. The bank has an annual technology budget of almost $20 billion. By comparison, Bank of America spent around $13 billion on tech in 2025. Speaking at a conference in February, Moynihan said that the bank plans to spend 10% more on technology development in 2026. As banks rapidly weave generative AI into everything from trading floors to back offices, the technology is 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. The shift, it seems, is only just beginning. Here's what we know about how Wall Street banks are embracing AI. JPMorgan Chase CHANDAN KHANNA/AFP via Getty Images The nation's biggest bank is putting a lot of effort toward making sure it's an early mover in AI. The firm is keeping close tabs on how its tens of thousands of engineers are using AI, Business Insider reported. One dashboard tracks how much developers use GitHub Copilot and classifies them into "light," "heavy," or "non" users. The bank has also updated objectives for its engineers, who are now expected to "drive excellence" by adopting AI, according to posts on the company intranet. In February, JPMorgan reorganized its commercial and investment bank to "maximize the impact of AI," according to an internal memo reviewed by Business Insider. Each major business in the division now reports to Guy Halamish, the newly named chief operating officer of the CIB. The move is part of an effort to speed up AI adoption. JPMorgan Chase's asset management unit made its own big move in 2026, announcing plans to discontinue a long-held practice of using external proxy advisors for shareholder voting in the US. In place of external human advisors, the firm is launching an in-house AI platform, called Proxy IQ, to support shareholder decisions. JPMorgan has rolled out its proprietary genAI platform to more than 200,000 employees — seeking to reengineer workflows for everyone from coders to portfolio managers. CEO Dimon is himself a "tremendous" user of the bank's generative AI suite. The firm is investing in a skilled AI workforce, and executives have offered an inside look at how it's training employees to use its tools. JPMorgan's analytics boss lifts the lid on how America's biggest bank is schooling 300,000 workers on AI Here's what its execs revealed about how AI is reshaping the bank at its 2025 investor day. Dimon has previously said he's out to win the AI arms race, and he thinks JPMorgan's $2 billion AI investment has already matched its cost in savings. Wells Fargo Charles Scharf, CEO of Wells Fargo Michael M. Santiago/Getty Images Business Insider spoke to Saul Van Beurden, the bank's Head of AI, about how AI is fueling the bank's post-asset cap growth. The firm uses a "hub and spoke" model for its AI architecture, with Van Beurden's small team as the central hub and each business line's generative AI lead as a spoke. AI agents, he said, are becoming central to some of the highest-impact use cases. When Business Insider spoke to Van Beurden in March, the bank wasn't mandating that its employees use AI. Wells Fargo CEO Charles Scharf has previously said that generative AI tools have already made the bank's engineers up to 35% more productive. Wells Fargo also tapped Amazon Web Services executive Faraz Shafiq to lead AI products and solutions, the latest in a string of high-profile tech poachings on Wall Street. Bank of America John Lamparski/Getty Images Bank of America CEO Brian Moynihan has said AI is already embedded across the firm, from consumer banking to institutional clients. Clients have interacted with Bank of America's virtual assistant, Erica, more than 3.2 billion times since the tool launched in 2018, the bank said in March. As of last year, more than 90% of employees used Erica for Employees. Moynihan shed light on some of the models that use AI at the bank when speaking at the February conference. There is, he said, a model that puts out a daily markets report, and others that help draft pitch books. In March, the firm rolled out a tool to help financial advisors prepare for client meetings. Citigroup Citi's Jane Fraser NICHOLAS KAMM/Getty Images Citigroup has taken a bottom-up approach to embedding AI throughout the business, with 4,000 employees trained as something of AI stewards. The firm's AI tools are now available to 182,000 employees in 84 countries, and CEO Jane Fraser said on a fourth-quarter earnings call in January that adoption of the proprietary tools is above 70%. Fraser said during third-quarter earnings that generative AI tools have saved 100,000 developer hours a week with automated code reviews — "a very meaningful productivity uplift." The bank launched the pilot of agentic AI for 5,000 colleagues in September. "It allows complex, multi-step tasks to be completed with a single prompt, and the early results are very promising, and we'll expand access to this in the months ahead," said Fraser. "Finally, we have launched a firm-wide effort to systematically embed AI in our processes end-to-end." She also highlighted several tools to help its wealth management advisors. Citi hired an AI leader from Morgan Stanley last year to help revamp its wealth technology. The bank is using AI to speed up the client onboarding process and retire outdated software, Tim Ryan, the head of technology, told Reuters. In June 2025, the bank doubled down on its AI ambitions, appointing new leadership to helm its tech transformation. Goldman Sachs David Solomon Michael Kovac Goldman put $6 billion behind its technology spend this year, but David Solomon, the bank's CEO, said he wished it were more. He said he would like to be at least $8 billion, but "I can't afford it because I've got to deliver returns," he said at a conference in early October. A definitive statement about how AI will affect Goldman came from a memo to employees in October announcing the third iteration of the cross-bank initiative, OneGS. The memo said the plan would leverage AI to drive efficiency at the firm, slow hiring, and result in a "limited reduction" of roles. Goldman, like its peers, has been rolling out tools, including an internal AI assistant, to all employees this summer. The bank has been working with Anthropic to develop AI agents that can automate a number of internal functions, Marco Argenti, the chief information officer, told CNBC in February. The project focused on accounting for trades and transactions and on client onboarding, he said. Yet employees have been using AI long before the effort with Anthropic, as some have told Business Insider. 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. Goldman's top partners and 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 for anticipated AI development and acquisitions, here's what the top echelon is expecting. Goldman's tech boss discusses the future of AI on Wall Street — and how it will reshape careers David Solomon says AI means Goldman needs 'more high-value people' Morgan Stanley Morgan Stanley CEO Ted Pick Jeenah Moon / Reuters Morgan Stanley's CFO, Sharon Yeshaya, lifted the curtain on some of the firm's progress on AI during an earnings call last year. She highlighted DevGen.AI, a tool that, from January to June, had saved developers more than 280,000 hours, or 11,666 days, they would have previously dedicated to deciphering outdated code, Business Insider previously reported. Parable, an interactive tool that analyzes and summarizes data, and LeadIQ, an AI-powered lead distribution platform that matches users of its workplace and self-directed platforms to the bank's financial advisors, were also spotlighted in the call. A survey of Morgan Stanley's interns also gave a peek into just how popular and useful AI has been for the industry's youngest cohort. ChatGPT is their favorite tool by far, with 72% of Morgan Stanley's interns saying they use it daily or several times a week. The bank was early to have a partnership with ChatGPT-maker OpenAI. Morgan Stanley also spoke with Business Insider about bringing employees' AI ideas to life. Here's a look at that process. Morgan Stanley has 30 AI projects in the pipeline. Here's how the bank sources employees' ideas for inspiration. Read the original article on Business Insider
Michael M. Santiago/Getty Images; Getty Images; BI Banks are pouring billions into AI, reshaping jobs, culture, and power on Wall Street. Leaders, some of whom are tracking AI use, have been pressed on how the spending is paying off. Here's everything we know about how banks from JPMorgan to Wells Fargo are using AI. Wall Street is betting big on, and pouring billions into, AI — and leaders have had to answer for their spending. During banks' first-quarter earnings last week, analysts pressed some executives on how those giant investments are paying off, whether in productivity gains or head count changes. Bank of America CEO Brian Moynihan had to explain why his company is an AI beneficiary, rather than a victim; Citi executives were asked about their "philosophy" on hiring and resourcing during "this new AI regime." And with Anthropic's Mythos model stoking cybersecurity fears, CEOs faced heightened scrutiny on safety, too. April's earnings calls came just one week after many Wall Street CEOs attended an impromptu meeting at the Treasury to discuss the powerful new AI model. The pressure to demonstrate returns on AI isn't new. JPMorgan Chase CEO Jamie Dimon, for example, defended his bank's spending on a January earnings call, saying he is trying to keep the company from falling behind. The bank has an annual technology budget of almost $20 billion. By comparison, Bank of America spent around $13 billion on tech in 2025. Speaking at a conference in February, Moynihan said that the bank plans to spend 10% more on technology development in 2026. As banks rapidly weave generative AI into everything from trading floors to back offices, the technology is 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. The shift, it seems, is only just beginning. Here's what we know about how Wall Street banks are embracing AI. JPMorgan Chase CHANDAN KHANNA/AFP via Getty Images The nation's biggest bank is putting a lot of effort toward making sure it's an early mover in AI. The firm is keeping close tabs on how its tens of thousands of engineers are using AI, Business Insider reported. One dashboard tracks how much developers use GitHub Copilot and classifies them into "light," "heavy," or "non" users. The bank has also updated objectives for its engineers, who are now expected to "drive excellence" by adopting AI, according to posts on the company intranet. In February, JPMorgan reorganized its commercial and investment bank to "maximize the impact of AI," according to an internal memo reviewed by Business Insider. Each major business in the division now reports to Guy Halamish, the newly named chief operating officer of the CIB. The move is part of an effort to speed up AI adoption. JPMorgan Chase's asset management unit made its own big move in 2026, announcing plans to discontinue a long-held practice of using external proxy advisors for shareholder voting in the US. In place of external human advisors, the firm is launching an in-house AI platform, called Proxy IQ, to support shareholder decisions. JPMorgan has rolled out its proprietary genAI platform to more than 200,000 employees — seeking to reengineer workflows for everyone from coders to portfolio managers. CEO Dimon is himself a "tremendous" user of the bank's generative AI suite. The firm is investing in a skilled AI workforce, and executives have offered an inside look at how it's training employees to use its tools. JPMorgan's analytics boss lifts the lid on how America's biggest bank is schooling 300,000 workers on AI Here's what its execs revealed about how AI is reshaping the bank at its 2025 investor day. Dimon has previously said he's out to win the AI arms race, and he thinks JPMorgan's $2 billion AI investment has already matched its cost in savings. Wells Fargo Charles Scharf, CEO of Wells FargoMichael M. Santiago/Getty Images Business Insider spoke to Saul Van Beurden, the bank's Head of AI, about how AI is fueling the bank's post-asset cap growth. The firm uses a "hub and spoke" model for its AI architecture, with Van Beurden's small team as the central hub and each business line's generative AI lead as a spoke. AI agents, he said, are becoming central to some of the highest-impact use cases. When Business Insider spoke to Van Beurden in March, the bank wasn't mandating that its employees use AI. Wells Fargo CEO Charles Scharf has previously said that generative AI tools have already made the bank's engineers up to 35% more productive. Wells Fargo also tapped Amazon Web Services executive Faraz Shafiq to lead AI products and solutions, the latest in a string of high-profile tech poachings on Wall Street. Bank of America John Lamparski/Getty Images Bank of America CEO Brian Moynihan has said AI is already embedded across the firm, from consumer banking to institutional clients. Clients have interacted with Bank of America's virtual assistant, Erica, more than 3.2 billion times since the tool launched in 2018, the bank said in March. As of last year, more than 90% of employees used Erica for Employees. Moynihan shed light on some of the models that use AI at the bank when speaking at the February conference. There is, he said, a model that puts out a daily markets report, and others that help draft pitch books. In March, the firm rolled out a tool to help financial advisors prepare for client meetings. Citigroup Citi's Jane FraserNICHOLAS KAMM/Getty Images Citigroup has taken a bottom-up approach to embedding AI throughout the business, with 4,000 employees trained as something of AI stewards. The firm's AI tools are now available to 182,000 employees in 84 countries, and CEO Jane Fraser said on a fourth-quarter earnings call in January that adoption of the proprietary tools is above 70%. Fraser said during third-quarter earnings that generative AI tools have saved 100,000 developer hours a week with automated code reviews — "a very meaningful productivity uplift." The bank launched the pilot of agentic AI for 5,000 colleagues in September. "It allows complex, multi-step tasks to be completed with a single prompt, and the early results are very promising, and we'll expand access to this in the months ahead," said Fraser. "Finally, we have launched a firm-wide effort to systematically embed AI in our processes end-to-end." She also highlighted several tools to help its wealth management advisors. Citi hired an AI leader from Morgan Stanley last year to help revamp its wealth technology. The bank is using AI to speed up the client onboarding process and retire outdated software, Tim Ryan, the head of technology, told Reuters. In June 2025, the bank doubled down on its AI ambitions, appointing new leadership to helm its tech transformation. Goldman Sachs David SolomonMichael Kovac Goldman put $6 billion behind its technology spend this year, but David Solomon, the bank's CEO, said he wished it were more. He said he would like to be at least $8 billion, but "I can't afford it because I've got to deliver returns," he said at a conference in early October. A definitive statement about how AI will affect Goldman came from a memo to employees in October announcing the third iteration of the cross-bank initiative, OneGS. The memo said the plan would leverage AI to drive efficiency at the firm, slow hiring, and result in a "limited reduction" of roles. Goldman, like its peers, has been rolling out tools, including an internal AI assistant, to all employees this summer. The bank has been working with Anthropic to develop AI agents that can automate a number of internal functions, Marco Argenti, the chief information officer, told CNBC in February. The project focused on accounting for trades and transactions and on client onboarding, he said. Yet employees have been using AI long before the effort with Anthropic, as some have told Business Insider. 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. Goldman's top partners and 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 for anticipated AI development and acquisitions, here's what the top echelon is expecting. Goldman's tech boss discusses the future of AI on Wall Street — and how it will reshape careers David Solomon says AI means Goldman needs 'more high-value people' Morgan Stanley Morgan Stanley CEO Ted PickJeenah Moon / Reuters Morgan Stanley's CFO, Sharon Yeshaya, lifted the curtain on some of the firm's progress on AI during an earnings call last year. She highlighted DevGen.AI, a tool that, from January to June, had saved developers more than 280,000 hours, or 11,666 days, they would have previously dedicated to deciphering outdated code, Business Insider previously reported. Parable, an interactive tool that analyzes and summarizes data, and LeadIQ, an AI-powered lead distribution platform that matches users of its workplace and self-directed platforms to the bank's financial advisors, were also spotlighted in the call. A survey of Morgan Stanley's interns also gave a peek into just how popular and useful AI has been for the industry's youngest cohort. ChatGPT is their favorite tool by far, with 72% of Morgan Stanley's interns saying they use it daily or several times a week. The bank was early to have a partnership with ChatGPT-maker OpenAI. Morgan Stanley also spoke with Business Insider about bringing employees' AI ideas to life. Here's a look at that process. Morgan Stanley has 30 AI projects in the pipeline. Here's how the bank sources employees' ideas for inspiration. Read the original article on Business Insider
