Wall Street banks are making sweeping bets on artificial intelligence, transforming everything from coding and client services to internal workflows and executive decision-making. Firms including JPMorgan Chase, Citigroup, Goldman Sachs, Morgan Stanley, and Bank of America are investing heavily in AI to boost efficiency, reduce risk, and stay ahead in a rapidly evolving financial landscape. JPMorgan Chase has been a leader in AI adoption, with CEO Jamie Dimon emphasizing its strategic importance. The bank has deployed AI across multiple functions, from automating legal document reviews to enhancing fraud detection. It continues to expand its use of AI in trading and risk management, leveraging machine learning to analyze vast datasets in real time. Citigroup has made significant strides in embedding AI across its global operations. CEO Jane Fraser revealed that nearly 180,000 employees in 83 countries have used the bank’s proprietary AI tools over 7 million times this year. Generative AI has saved an estimated 100,000 developer hours weekly through automated code reviews. Citi also launched a pilot for agentic AI—AI systems capable of handling complex, multi-step tasks with a single command—initially to 5,000 employees, with plans to scale up. The bank is also using AI to support wealth management advisors, having brought in a top tech executive from Morgan Stanley to lead the transformation. Fraser has encouraged staff to use AI in performance reviews, signaling a cultural shift in how work is evaluated. Goldman Sachs, which spent $6 billion on technology this year, is pushing to increase that to $8 billion, though CEO David Solomon noted budget constraints due to shareholder return expectations. He highlighted the impact of AI on software engineers, citing tools like Cognition Labs’ Devin, which allows a single developer to match the output of a team of 10 or more. The bank rolled out its own internal AI assistant to all employees in the summer, and its chief data officer, Neema Raphael, oversees a 500-person team focused on integrating data and AI across the firm. Morgan Stanley has also seen strong results from its AI initiatives. CFO Sharon Yeshaya pointed to DevGen.AI, which saved developers over 280,000 hours between January and June by automating code maintenance. Tools like Parable, which summarizes complex data, and LeadIQ, which matches clients with advisors using AI, are now central to daily operations. A survey of interns showed that 72% use ChatGPT daily or several times a week, underscoring AI’s deep integration into the next generation of bankers. The bank was an early partner with OpenAI and has a formal process to turn employee AI ideas into real tools. Bank of America, led by CEO Brian Moynihan, is focusing on AI to enhance customer service and streamline operations. The bank has rolled out AI-powered chatbots and analytics tools to improve client interactions and internal efficiency. Despite the momentum, challenges remain. Cybersecurity threats powered by AI are growing more sophisticated, and bank leaders face pressure to demonstrate tangible returns on massive AI investments. Still, the consensus is clear: AI is no longer a future possibility—it’s reshaping the present. By 2030, AI could redefine 44% of banking work, according to ThoughtLinks, and the transformation is just beginning.