From JPMorgan to Wells Fargo, here's how the biggest banks on Wall Street are using AI

JPMorgan Chase's asset management unit began 2026 by announcing plans to discontinue a long-held practice of using external proxy advisors for shareholder voting in the US. In place of external human advisors, the firm is launching an in-house AI platform, called Proxy IQ, to support shareholder decisions, according to the memo.

The tool will be able to aggregate and analyze proprietary data from more than 3,000 annual company meetings, it said.

The bank, with a technology budget of $18 billion, is putting a lot of effort toward making sure it's a leader and early mover in AI. CEO Jamie Dimon is himself a "tremendous" user of the bank's generative AI suite.

JPMorgan has rolled out its proprietary genAI platform to over 200,000 employees. And with about 100 more tools in the pipeline, JPMorgan is seeking to reengineer workflows for everyone from coders to portfolio managers.

JPMorgan has also reportedly given employees the option to use its in-house AI tools to assist in writing year-end performance reviews.

Executives at America's largest bank gave an inside look at how it's training employees to use its tools and how they're using them to deliver measurable results.

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Dimon has previously said he's out to win the AI arms race, and he thinks JPMorgan's $2 billion AI investment has already matched its cost in savings.

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Citigroup has taken a bottom-up approach to embedding AI throughout the business, with 4,000 employees trained as something of AI stewards.

The firm's AI tools are now available to 182,000 employees in 84 countries, and CEO Jane Fraser said on a fourth-quarter earnings call in January that adoption of the proprietary tools is above 70%. Fraser said during third-quarter earnings that generative AI tools have saved 100,000 developer hours a week with automated code reviews — "a very meaningful productivity uplift."

The bank launched the pilot of agentic AI for 5,000 colleagues in September.

"It allows complex, multi-step tasks to be completed with a single prompt, and the early results are very promising, and we'll expand access to this in the months ahead," said Fraser. "Finally, we have launched a firm-wide effort to systematically embed AI in our processes end-to-end."

She also highlighted several tools to help its wealth management advisors. Citi hired an AI leader from Morgan Stanley last year to help revamp its wealth technology.

Like JPMorgan, Citi is also telling employees to use AI for performance reviews, Fraser recently told Bloomberg in an interview.

In June 2025, the bank doubled down on its AI ambitions with new leadership at the helm of its tech transformation.

One of Citi's top tech executives, Shadman Zafar, outlined the bank's four-phased AI strategy to Business Insider and how it will "change how we work for decades to come."

• A top Citi tech exec breaks down the 4 phases of the bank's AI strategy that will impact everyone from operations to wealth and product

Goldman put $6 billion behind its technology spend this year, but David Solomon, the bank's CEO, said he wished it were more.

He said he would like to be at least $8 billion, but "I can't afford it because I've got to deliver returns," he said at a conference in early October.

A definitive statement about how AI will affect Goldman came from a memo to employees in October announcing the third iteration of the cross-bank initiative, OneGS. The memo said the plan would leverage AI will drive efficiency at the firm, slow hiring, and result in a "limited reduction" of roles.

Goldman, like its peers, has been rolling out tools, including an internal AI assistant, to all employees this summer.

Business Insider talked to employees about how they were using AI.

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Goldman's top partners and Solomon are eager to see AI rev up their businesses. From realizing internal productivity gains to capturing more business as clients look to raise money in anticipation of AI development and acquisitions, here's what the top echelon is expecting.

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There is no AI without data, and there is no data strategy at Goldman without its chief data officer, Neema Raphael. Raphael gave Business Insider an inside look at how his roughly 500-person team integrates with the rest of the bank to maximize its data potential.

• Meet Neema Raphael, the data whiz key to Goldman's AI ambitions, who's overseeing the bank's army of engineers and scientists

Wells Fargo announced in January that Faraz Shafiq is joining as head of AI products and solutions, starting on February 9. Shafiq most recently worked as an executive at Amazon Web Services, and his hiring is just one in a string of high-profile tech poachings on Wall Street. He will report to Saul Van Beurden, the bank's Head of AI, who said in a press release that the new hire has "deep expertise in generative and agentic AI."

Wells Fargo has been cutting down its workforce for years. CEO Charles Scharf said during the bank's fourth-quarter earnings call that it has already shrunk head count by more than 25% since the second quarter of 2020.

In November, Scharf told Reuters that anyone who says AI won't reduce jobs "either doesn't know what they're talking about or is just not being totally honest about it."

He said that generative AI tools have already made the bank's engineers up to 35% more productive.

Morgan Stanley's CFO, Sharon Yeshaya, lifted the curtain on some of the firm's progress on AI during its earnings call last year.

She highlighted DevGen.AI, a tool that, from January to June, had saved developers more than 280,000 hours, or 11,666 days, they would have previously dedicated to deciphering outdated code, Business Insider previously reported.

Parable, an interactive tool that analyzes and summarizes data, and LeadIQ, an AI-powered lead distribution platform that matches users of its workplace and self-directed platforms to the bank's financial advisors, were also spotlighted in the call.

A survey of Morgan Stanley's interns also gave a peek into just how popular and useful AI has been for the industry's youngest cohort. ChatGPT is their favorite tool by far, with 72% of Morgan Stanley's interns saying they use it daily or several times a week. The bank was early to have a partnership with ChatGPT-maker OpenAI.

Morgan Stanley also spoke with Business Insider about bringing employees' AI ideas to life. Here's a look at that process.

• Morgan Stanley has 30 AI projects in the pipeline. Here's how the bank sources employees' ideas for inspiration.

Bank of America CEO Brian Moynihan has said AI is already embedded across the firm, from consumer banking to institutional clients. Its virtual assistant, Erica, handled 2 million customer interactions in a single day and can now answer 700 types of questions — up from 210 a year ago. More than 90% of employees use Erica for Employees, the bank said in a press release in April.

Rob Pascal, the bank's chief experience officer, previously detailed how the bank's internal-facing AI assistant helps bankers collect, record, and review client data.

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