"When bank CEOs start talking about AI, the financial world lights up - from meme accounts to markets. Their predictions about how generative AI will change work can move stocks, reshape strategy, and set the tone for the rest of corporate America. Banks' plans, and increasingly, actions, around generative AI give a glimpse into how the technology will enhance and replace human workers."
"But you know who else is listening? Their employees. Many of the largest bulge-bracket banks employ over 100,000 employees each, and the FDIC-insured commercial banking sector, more broadly, employs nearly 2 million people. These can range from bank tellers to dealmakers making multi-billion-dollar salaries, as well as a veritable army of software engineers who will turn this generative AI dream into a reality."
Bank CEOs have praised the epochal efficiency changes promised by AI, framing the technology as transformative for operations. Predictions about generative AI influence markets, corporate strategy, and investor sentiment. Banks' plans and increasing implementation of generative AI indicate potential to both enhance and replace human roles. Employees across functions, from tellers to high-paid dealmakers and hundreds of thousands of software engineers, face uncertainty about how workflows and job structures will change. The FDIC-insured commercial banking sector employs nearly two million people, underscoring the scale of potential impact. Public statements from banking executives provide insight into expectations for future head count.
Read at Business Insider
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