Big Banks Slash Costs with Aggressive AI Adoption

Wall Street is betting the farm on artificial intelligence and winning. KeyBank CEO Christopher Gorman revealed AI slashed call center costs by 97 percent, dropping the expense of a single interaction from nine dollars to just 35 cents. Rivals are rushing to match these gains. JPMorgan Chase offset a massive $2 billion AI investment with equal savings, while its 40,000 engineers now use coding assistants daily. Citi mandated prompt training for employees who have already fired off 6.5 million queries to speed up diverse tasks. BNY and Charles Schwab also reported major efficiency adjustments. Data shows 47 percent of US banks have deployed generative AI, a sharp jump from 10 percent two years ago.