On the October 13 earnings calls, Wells Fargo CEO Charlie Scharf said the firm is "devoting significant management time and resources" to building out its AI capabilities, according to CNBC's coverage. Citigroup, whose third-quarter profit jumped 40% from a year earlier, said through CEO Jane Fraser that the bank is focused on reducing systemic risk while deploying AI firmwide.
Analysts on the calls raised the threat of rogue agents alongside operational advantages, CNBC reported. Neither description came with a dollar figure for AI returns in the coverage we reviewed, in contrast to Bank of America CEO Brian Moynihan's September statement of $400 million spent and $800 million of benefit.
Source: CNBC