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Several U.S. banks, including JPMorgan Chase and Wells Fargo, assert that artificial intelligence (AI) will not only propel company productivity to new heights but could also set the stage for layoffs. At the Goldman Sachs Financial Services Conference, Marianne Lake, who serves as the President of Consumer and Community Banking at JPMorgan Chase, disclosed that the bank has harnessed the power of AI to achieve a productivity surge, with figures soaring from 3% to an impressive 6%. Lake projects that the productivity of operations specialists will experience a substantial uplift, ranging from 40% to 50%. She further elaborated that this heightened efficiency would inevitably lead to a net decrease in the demand for positions with relatively low impact.
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