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Wall Street3 mins read

How Wall Street’s Biggest Banks Are Putting AI to Work

Business Insider reports that JPMorgan, Citi, Goldman Sachs, Wells Fargo, and Bank of America are investing heavily in AI as the technology reshapes workflows, staffing, engineering, and executive priorities.

Business Insider

Business Insider

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

Wall Street banks including JPMorgan, Citi, Goldman Sachs, and Morgan Stanley are using AI
Image credits:Business Insider

AI Is Now Table Stakes on Wall Street

Business Insider reports that major Wall Street banks are pouring billions into AI as they try to stay ahead of the technology curve. Generative AI is touching trading floors, back offices, workflows, workplace culture, software engineering, junior banking roles, and the C-suite. The key takeaway: AI is no longer a side project for banks; it is becoming part of how work is measured, organized, and automated.

JPMorgan, Citi, and Goldman Are Taking Different Routes

JPMorgan is leaning into scale, with a nearly $20 billion annual technology budget, almost 1,000 AI use cases, and a proprietary generative AI platform rolled out to more than 200,000 employees. Citi is emphasizing employee adoption, with a $12 billion tech budget, 4,000 AI stewards, and nearly 90% of employees using AI tools, according to CEO Jane Fraser. Goldman Sachs has put $6 billion behind technology spending this year while using AI as part of efficiency efforts, internal assistants, and work with Anthropic on AI agents for internal functions.

The Impact Is Showing Up in Jobs, Tools, and Operations

Banks are using AI to rethink engineering productivity, advisor tools, client support, onboarding, marketing, fraud protection, note-taking, and shareholder-voting support. Wells Fargo uses a “hub and spoke” AI model and has announced an “AI teammate” for financial advisors; its CEO has said generative AI tools have made engineers up to 35% more productive. Bank of America says more than 300 AI and machine-learning cases have been approved, at least 34 generative AI use cases are fully deployed, and clients have interacted with Erica more than 3.2 billion times since its 2018 launch.

Returns and Safety Remain the Big Test

Even as AI adoption accelerates, analysts continue pressing bank executives on returns and safety. Jamie Dimon has said JPMorgan does not “uniquely benefit from AI” because everyone is now using it, which underscores the competitive challenge: banks must turn broad adoption into measurable advantage. Readers should watch which firms can link AI spending to durable savings, faster workflows, better controls, and stronger client or employee outcomes.

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