How Wall Street banks are using AI — from staff training to performance reviews

Become an Insider and start reading now. Have an account? . Banks are racing to deploy generative AI tools to their employees. Business Insider has reported on how some of the biggest banks are approaching the technology. Citi and Morgan Stanley provided updates on their strategies during their third-quarter earnings. Wall Street is investing billions in AI. From trading floors to back offices, banks are rapidly weaving generative AI into the fabric of their operations. The technology's influence is now reshaping not just workflows, but workplace culture. It's changing what it means to be a software engineer, how junior bankers stand out , and even the roles inside the C-suite - all while firms explore how to deploy autonomous AI agents. And the shift is only just beginning. AI is on track to redefine 44% of the work done at banks by 2030, according to consulting firm ThoughtLinks. It's changing the power players at banks too. But it's also bringing on new challenges. Bank leaders say they are struggling to keep up with AI-powered cyberattacks, and they're increasingly asked by analysts when all the investments will pay off. Here's what we know about how Wall Street banks are embracing AI. JPMorgan Chase JPMorgan Chase has a technology budget of $18 billion, with much of it going toward making sure it's a leader and early mover in AI. JPMorgan CEO Jamie Dimon is a "tremendous" user of the bank's generative AI suite. The bank has rolled out its proprietary genAI platform to over 200,000 employees. And with about 100 more tools in the pipeline, JPMorgan is seeking to reengineer workflows for everyone from coders to portfolio managers. JPMorgan has reportedly given employees the option to use its in-house AI tools to assist in writing year-end performance reviews. Executives at America's largest bank gave an inside look at how it's training employees to use its tools and how they're using them to deliver measurable results. JPMorgan's analytics boss lifts the lid on how America's biggest bank is schooling 300,000 workers on AI Here's what its execs revealed about how AL is reshaping the bank at its 2025 investor day. Dimon has previously said he's out to win the AI arms race, and he thinks JPMorgan's $2 billion AI investment has already matched its cost in savings. Citigroup Citigroup has also been aggressively accelerating its AI plans. Over the summer, the bank doubled down on its AI ambitions with new leadership at the helm of its tech transformation. In mid-October, Citi CEO Jane Fraser said that nearly 180,000 employees in 83 countries have access to the bank's proprietary AI tools and have used them almost 7 million times this year. Its generative AI tools have saved 100,000 developer hours a week with automated code reviews - "a very meaningful productivity uplift," she said during the firm's third-quarter earnings call. The bank launched the pilot of agentic AI for 5,000 colleagues in September. "It allows complex, multi-step tasks to be completed with a single...

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