- Banks are accelerating their AI research and use cases due to the rise of ChatGPT and generative AI.
- While all six big banks have dedicated AI leaders, no two banks have the same org structure.
- Here are 17 of the top AI executives and technologists to know at the country’s biggest banks.
This year is shaping up to be all about artificial intelligence, and Wall Street is no exception.
While AI is not novel on Wall Street, generative AI and large language models (LLMs) have created new momentum because of their ability to ingest information and produce human-like answers to just about any prompt or question.
“AI goes through winters and summers, as we call them,” Prag Sharma, the head of Citi’s AI center of excellence, told Insider.
“This time it’s different because a number of things are aligned that were never aligned before. Data is in digital format, compute power can now be purchased and scaled, and open-source algorithms can be developed,” Sharma added.
The potential of the technology has not been overlooked in the financial world, with firms of all sizes coming up with new use cases. Private-equity giant EQT is exploring how it can be applied to dealmaking, while Goldman Sachs is getting non-tech workers to do more with software.
But there are also risks. Firms have had to tread carefully around issues regarding intellectual property, privacy, and regulatory compliance.
Most bank leaders agree that generative AI and LLMs stand to shake-up the current banking landscape — a few would even argue that it’s revolutionary.
But what banks can’t seem to agree on is the best way to deploy AI throughout the organization. Of the nation’s six largest banks, no two firms have the same AI leadership structure.
Some have embedded AI experts into different lines of business, others use a centralized function to oversee AI efforts firmwide, and some opt for a mix of both.
The organizational structure of banks’ AI leaders is also an evolving debate. JPMorgan, the country’s largest bank with some 55,000 technologists and $14 billion tech budget, just rejigged its AI structure. In June, the bank formed a new data and analytics unit that will be critical to JPM’s AI use and strategy. The organization pulls together top AI leaders from across the bank, from the bank’s head of AI research to the head of a buy-side data service.
Banks’ priorities and tech strategies can also be gleaned from which divisions have dedicated AI leaders and which don’t.
Here’s a list of 17 of the top AI executives to know at the nation’s six biggest banks.
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