From CNBC: 2024-09-07 10:03:23

Big banks, including Goldman Sachs, Bank of America, and JPMorgan Chase, are ramping up their AI efforts to boost profits. Morgan Stanley and Wells Fargo have launched virtual AI assistants to help advisors and retail customers. These banks are striking partnerships with startups and tech giants to access large language models for AI products. Banks are hiring specialized AI talent to drive innovation and productivity, with AI adoption projected to boost banking profits by $170 billion by 2028.

Read more: 3 ways Wall Street banks are leveraging AI to increase profitability