AI Boosts Bank Productivity, May Cut Jobs
Update: 2025-12-09
Description
Major US banks like JPMorgan Chase and Wells Fargo are leveraging AI to double productivity, leading to job reductions in certain areas. JPMorgan Chases operations specialists productivity is expected to grow by 40-50%, while Wells Fargo is accomplishing more with fewer staff. PNC Financial has maintained the same employee count for a decade through automation, and Citigroups new CFO reported a 9% increase in coding productivity. This AI-driven transformation is set to significantly change how banks operate.
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