Everything we know about how biggest Wall Street banks are using AI

Michael M.

Santiago/Getty Images; Getty Images; BI Banks are pouring billions into AI, reshaping jobs, culture, and power on Wall Street.

Leaders, some of whom are tracking AI use, have been pressed on how the spending is paying off.

Here's everything we know about how banks from JPMorgan to Wells Fargo are using AI.

Wall Street is betting big on, and pouring billions into, AI, as big banks jostle to remain ahead of the technological curve.

Generative AI is impacting everything from trading floors to back offices, workflows to workplace culture.

It's changing what it means to be a software engineer, how junior bankers stand out , and even the roles inside the C-suite.

The shift, it seems, is only just beginning.

Yet for all the proclaimed advancements, analysts continue to pepper executives with questions about returns and safety, as concerns mount across industries about whether the gargantuan spending on AI is justified.

And though harnessing the technology is table stakes at this point — JPMorgan CEO Jamie Dimon said his bank doesn't "uniquely benefit from AI" since everyone is now using it — gradations still exist between firms' strategies.

Here's what we know about how Wall Street's biggest banks are embracing AI.

JPMorgan Chase CHANDAN KHANNA/AFP via Getty Images The nation's biggest bank is putting a lot of effort toward making sure it's an early mover in AI, with the help of a nearly $20 billion annual technology budget.

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.

The firm is keeping close tabs on how its tens of thousands of engineers are using AI , Business Insider reported.