Everything we know about how biggest Wall Street banks are using AI

Wall Street banks are investing heavily in artificial intelligence (AI), reshaping the nature of work and the structure of power on the financial market. JPMorgan Chase, the nation's biggest bank, is focusing on becoming an early AI adopter with a $20 billion annual technology budget. CEO Jamie Dimon aims to win the AI race, having invested $2 billion that has already returned savings.

The bank tracks employee AI usage through a dashboard, categorizing developers as light, heavy, or non-users. JPMorgan has also updated engineer objectives to emphasize AI adoption.

Goldman Sachs has allocated $6 billion to technology this year, though CEO David Solomon wishes it were $8 billion. He urged interns to experiment with AI tools to enhance team workflows. The bank is launching an in-house AI platform called Proxy IQ to replace external advisors for shareholder voting. Citi is prioritizing employee buy-in over granular AI usage metrics, aiming for 90% of employees to use AI tools.

The bank has appointed new leadership for its AI transformation and is developing AI agents for high-impact use cases. Wells Fargo's AI strategy involves a hub-and-spoke model, with a small team as the central hub and business line leads using AI agents for impactful tasks.