Wells Fargo CEO Charlie Scharf said on the October 13 earnings call that the bank is "devoting significant management time and resources" to building out its AI capabilities, CNBC reported. Wells Fargo beat on earnings but missed on revenue, at $21.87 billion against a $22.31 billion consensus.
As with other large banks, the coverage we reviewed did not include a dollar return on AI. Scharf's framing emphasizes management attention as a resource, alongside spending.
Source: CNBC