U.S. banks like JPMorgan Chase and Wells Fargo believe artificial intelligence will increase productivity but also lead to job losses. JPMorgan Chase has already doubled productivity to 6% with AI. Wells Fargo CEO says AI hasn’t reduced staff but has increased efficiency. AI is seen as the biggest technological change since the internet.

AI has brought in trillions of dollars in investments and stock-market gains, but also a shortage of memory chips, regulatory scrutiny, and concerns about job displacement. PNC Financial CEO says AI has allowed the bank to maintain headcount while growing, with automation and AI driving the process. Citigroup reports a 9% productivity increase with AI.

Goldman Sachs is implementing an AI initiative called “OneGS 3.0” focusing on sales, client on-boarding, lending processes, regulatory reporting, and vendor management. The bank has informed employees of potential job cuts and hiring slowdown in line with the AI implementation. AI is seen as a tool to enhance productivity across various areas within the bank.

Read more at Yahoo Finance: US bank executives say AI will boost productivity, cut jobs