I totally understand for many the 100’s of billions being invested is mind boggling. They wonder where is the profit to justify these investments. The point I was making is profits will come as your build scale.
The below is from Citi conference call, where the CEO Jane talking about AI efforts. Similarly Jamie Dimon talked about they are investing $2 B and their breakeven on these investments is one year… that is they recover their cost within a year…
There are many industries that are finding ways to use AI to optimize their work, increase efficiency, etc.
We are committed to embedding AI into how we work. Nearly 180,000 colleagues in 83 countries now have access to our proprietary AI tools and have used them almost 7 million times this year. These tools save hours each day by automating routine work, analyzing data and creating materials in minutes instead of hours.
Our Services and USPB teams are using AI to resolve client inquiries faster. In Wealth, advisors are gaining real-time insights that help them deliver more personalized advice. And AI-driven automated code reviews have exceeded 1 million so far this year and are dramatically improving our developers’ productivity. This innovation alone saves considerable time and creates around 100,000 hours of weekly capacity – that’s a very meaningful productivity uplift.
In September, we launched a pilot of Agentic AI for 5,000 colleagues. 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.