AI Poised to Boost Productivity, Impact Jobs at US Banks
- tech360.tv
- Dec 10, 2025
- 2 min read
US bank executives state that artificial intelligence will enhance productivity within their organisations, a development expected to lead to job reductions. JPMorgan Chase and Wells Fargo are among the banks discussing AI's influence.
Marianne Lake, JPMorgan Chase's consumer and community banking chief, noted the bank has doubled productivity to 6% with AI, up from a prior 3% without it. Operation specialists' productivity is projected to increase by 40% to 50%.
Lake explained that this higher productivity will result in fewer net jobs. AI represents the most significant technological shift to the global economy since the internet's rise.
It has attracted trillions of USD in investment and significant stock-market gains. However, AI has also created a shortage of memory chips, increased regulatory scrutiny, and fuelled anxiety about job displacement.
Charlie Scharf, Wells Fargo CEO, said the bank has not reduced its workforce but is "getting a lot more done" due to AI. He anticipates future opportunities to "do more with less people."
Scharf added that AI will not entirely replace humans but provides a chance to perform tasks "significantly different." Bill Demchak, PNC Financial CEO, highlighted the bank's headcount remains consistent with 10 years ago, despite the bank being a third of its current size.
This stability was achieved through automation and branch optimisation. Demchak believes AI will accelerate this ongoing automation journey, particularly within the bank's technology headcount.
Gonzalo Luchetti, Citigroup's incoming CFO, reported a 9% productivity gain on the coding front. He explained that generative AI can boost the self-service ratio and assist human agents in real-time calls within the U.S. Personal Banking unit, making them more productive.
Goldman Sachs informed employees of potential job cuts and a hiring slowdown through the year-end. The financial giant aims to use AI to enhance productivity through an initiative named "OneGS 3.0."
Key priorities for this initiative include sales, client onboarding processes, lending processes, regulatory reporting, and vendor management. Bank of America plans to invest billions of USD in technologies such as artificial intelligence.
Its chief technology and information officer stated these investments are designed to boost bankers' productivity and generate additional revenue for the organisation.
US bank executives expect artificial intelligence to increase productivity and likely reduce jobs.
JPMorgan Chase has seen a doubling of productivity to 6% with AI, while operation specialists' productivity is forecast to grow by 40% to 50%.
Wells Fargo and PNC Financial anticipate doing more with fewer people, leveraging AI as an accelerant to existing automation efforts.
Source: REUTERS
