How Wall Street is really using AI — from staff training to performance reviews

• 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 heavily 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.

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.

The Financial Times reported that JPMorgan has 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.

• Meet who he’s put in charge of this critical mission.
• JPMorgan’s Lori Beer just added 2 new tech leaders to her ranks. Meet the team behind the bank’s AI future.

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 prompt, and the early results are very promising, and we’ll expand access to this in the months ahead,” said Fraser. “Finally, we have launched a firm-wide effort to systematically embed AI in our processes end-to-end to drive further efficiencies, reduce risk, and improve client experience.”

She also highlighted several tools to help its wealth management advisors. Citi hired an AI leader from Morgan Stanley earlier this year to help revamp its wealth technology.

Like JPMorgan, Citi is also telling employees to use AI for performance reviews, Fraser recently told Bloomberg in an interview.

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

• A top Citi tech exec breaks down the 4 phases of the bank’s AI strategy that will impact everyone from operations to wealth and product

Goldman Sachs

Goldman put $6 billion behind its technology spend this year, but David Solomon, the bank’s CEO, said he wished it were more .

He said he would like to be at least $8 billion, but “I can’t afford it because I’ve got to deliver returns,” he said at a conference in early October.

He said that the employees most affected by AI are software engineers. “So one great coder now, with tools such as Cognition Labs’ Devin, for example, really creates massive coding capacity for one coder as opposed to having 10, 20 people sit around for a few days. So, big productivity there,” he explained, referencing a partnership the firm announced this year.

Goldman rolled out its own internal AI assistant to all employees this summer.

Business Insider talked to employees about how they were using AI.

• 7 Goldman Sachs insiders explain how the bank’s new AI sidekick is helping them crush it at work
• Goldman is assembling a growing arsenal of AI tools. Here’s everything we know about 5.

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.

• Goldman’s tech boss discusses the future of AI on Wall Street — and how it will reshape careers
• David Solomon says AI means Goldman needs ‘more high-value people’
• How AI will shake up Goldman Sachs, according to top partners and CEO David Solomon

There is no AI without data, and there is no data strategy at Goldman without its chief data officer, Neema Raphael. Raphael gave Business Insider 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.

• Meet Neema Raphael, the data whiz key to Goldman’s AI ambitions, who’s overseeing the bank’s army of engineers and scientists

Morgan Stanley

Morgan Stanley’s CFO, Sharon Yeshaya, lifted the curtain on some of the firm’s progress on AI during its earnings call last month.

She highlighted DevGen.AI, a tool that, from January to June, Business Insider previously reported, had saved developers more than 280,000 hours, or 11,666 days they would have previously dedicated to deciphering outdated code.

Parable, an interactive tool that analyzes and summarizes data, and LeadIQ, an AI-powered lead distribution platform that matches users of its workplace and self-directed platforms to the bank’s financial advisors, were also spotlighted in the call.

A survey of Morgan Stanley’s interns also gave a peek into just how popular and useful AI has been for the industry’s youngest cohort. ChatGPT is their favorite tool by far — with 72% of Morgan Stanley’s interns said they use it daily or several times a week. The bank was early to have a partnership with ChatGPT-maker OpenAI.

Morgan Stanley also spoke with Business Insider about bringing employees’ AI ideas to life. Here’s a look at that process.

• Morgan Stanley has 30 AI projects in the pipeline. Here’s how the bank sources employees’ ideas for inspiration.

Bank of America

Bank of America’s AI rollout is also well underway.

The bank’s CEO Brian Moynihan says its use of AI is already embedded across the firm, from consumer banking to institutional clients. Its virtual assistant, Erica, handled 2 million customer interactions in a single day and can now answer 700 types of questions — up from 210 a year ago. Executives said they’ll share more details on the bank’s AI strategy at its investor day on November 5.

Rob Pascal, the bank’s chief experience officer, previously detailed how the bank’s internal-facing AI assistant helps bankers collect, record, and review client data.

• How Bank of America is using an AI-powered tool to help its bankers prep for client meetings more efficiently

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