Wells Fargo CEO: AI will reshape efficiency and workforce allocation
2025-12-09 15:25:33
Charlie Schaff, chief executive of Wells Fargo, said on Tuesday that artificial intelligence presented significant opportunities to improve operational efficiency and could influence the company's future workforce decisions. The bank has deployed generative AI tools to its team of engineers, making code writing 30-35 per cent more efficient. Mr. Schaff stressed that there had been no job cuts as a result, but that the team "can do more". "We can't be as efficient as we should be without the benefits of AI." AI will also drive change in a number of areas, including compliance and legal matters, call centre operations, pitch material production for investment banking and credit memo writing for commercial banks, Mr. Schaff said. Last month, Wells Fargo created a new AI oversight role, appointing Saul van Beerden, former head of consumer banking, to oversee AI applications across the bank. The company said it had trained more than 90,000 employees and deployed AI tools on more than 180,000 desktops.
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