Wall Street banks push AI deeper into daily work

Wall Street’s biggest banks are making AI a core part of daily operations, from trading floors and software engineering to back-office workflows and client-facing work. Executives say the technology is reshaping jobs, culture and even C-suite responsibilities, while analysts continue to press for clearer evidence that large AI budgets are delivering returns and operating safely.

JPMorgan Chase is among the most aggressive adopters. Its asset management unit plans to replace external proxy advisors in the US with Proxy IQ, an in-house AI platform designed to support shareholder voting by aggregating and analyzing proprietary data from more than 3,000 annual company meetings. The bank has a technology budget of $18 billion, has rolled out its proprietary generative AI platform to over 200,000 employees and has about 100 more tools in development. Jamie Dimon has said JPMorgan’s $2 billion AI investment has already matched its cost in savings.

Citi has outlined a four-phase AI strategy intended to change work across operations, wealth and product teams. Wells Fargo CEO Charles Scharf said AI is likely to reduce headcount, preferably through attrition, as the bank targets inefficient and bureaucratic processes. Bank of America is using an internal AI assistant to help bankers collect, record and review client data before meetings.