"AI is set to reshape roughly 44% of banking work by 2030, according to consulting firm ThoughtLinks - and Wall Street's biggest firms are racing to get there first. JPMorgan Chase, the largest US bank by assets, is spending $18 billion a year on technology, with AI a central focus. CEO Jamie Dimon is a "tremendous" user of the bank's generative AI tools, which have now been rolled out to more than 200,000 employees."
"Banks, private equity firms, hedge funds, and asset managers have been eager to use generative AI to boost productivity and reduce grunt work for workers. Business Insider has been reporting on how some of finance's biggest players are approaching artificial intelligence, from its potential impact on jobs and the creation of new ones, to the various ways firms are cutting costs and ramping up efficiencies."
Generative AI adoption is accelerating across banks, private equity, hedge funds, and asset managers to boost productivity and reduce routine work. Consulting firm ThoughtLinks projects AI will reshape roughly 44% of banking work by 2030. JPMorgan Chase is investing $18 billion annually in technology with AI central to operations, and CEO Jamie Dimon actively uses the bank's generative AI tools rolled out to over 200,000 employees. JPMorgan's asset-management arm plans to replace external proxy advisers with an in-house AI platform, Proxy IQ, to analyze data from more than 3,000 annual company meetings. Goldman Sachs is allocating $6 billion to technology this year and cites AI as a driver of efficiency under its OneGS initiative.
Read at Business Insider
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