How Goldman, JPMorgan, Morgan Stanley, Citi, and BofA Are Using AI

JPMorgan 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. While its private bankers were some of the first to be equipped with a generative AI “copilot” last May, they’ve 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.

Executives at America’s largest bank gave an inside look at how it’s scaling tools and delivering measurable results at its Investor Day in May.

Dimon has previously said he’s out to win the AI arms race.

Mary Erdoes, the boss of JPM’s asset and wealth-management business, used these slides to outline how she wants to prepare her people for the “AI of the future.”

Citigroup is doubling down on its AI ambitions with new leadership at the helm of its tech transformation. In a memo obtained by BI, the three new strategy leaders outlined the firm’s progress and ambitions as CEO Jane Fraser continues her mission to modernize the firm.

Meet the new exec in charge of giving an AI facelift to Citi’s lagging wealth business.

Citi’s top tech executive, Shadman Zafar, outlined the bank’s four-phased AI strategy and how it will “change how we work for decades to come.”

Is Goldman in its AI era? These real-world stories about employees using AI (in some cases daily) make it seem so. Take a look at how AI is being tested across the bank and seniority levels, from C-suites to analysts.

Goldman’s top partners and CEO David Solomon are eager to see AI rev up their businesses. From realizing internal productivity gains to capturing more business as clients look to raise money in anticipation of AI development and acquisitions, here’s what the top echelon is expecting.

There is no AI without data, and there is no data strategy at Goldman without its chief data officer, Neema Raphael. Raphael gave BI an inside look at how his roughly 500-person team melds with the rest of the bank to get the most out of its data.

AI’s impact has ripple effects that go far beyond technology. Goldman’s chief information officer, Marco Argenti, predicts that cultural change will be critical to getting the bank to 100% adoption.

Morgan Stanley wants to turn employees’ AI ideas into a reality. Here’s an exclusive look at that process.

See how AI is transforming Morgan Stanley’s wealth division and the jobs of its 16,000 financial advisors.

Thanks to its partnership with ChatGPT-maker OpenAI, Morgan Stanley has ramped up its AI efforts. The exec in charge of tech partnerships and firmwide innovation opened up about how it all started.

Bank of America’s chief experience officer, Rob Pascal, details how the bank’s internal-facing AI assistant helps bankers collect, record, and review client data. Here are all the ways it’s helping employees be more effective and efficient.