How Wall Street is really using AI — from staff training to performance reviews

Citigroup has also been aggressively accelerating its AI plans. Over the summer, the bank doubled down on its AI ambitions with new leadership at the helm of its tech transformation.

In mid-October, Citi CEO Jane Fraser said that nearly 180,000 employees in 83 countries have access to the bank’s proprietary AI tools and have used them almost 7 million times this year.

Its generative AI tools have saved 100,000 developer hours a week with automated code reviews — “a very meaningful productivity uplift,” she said during the firm’s third quarter earnings call.

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 to drive further efficiencies, reduce risk, and improve client experience.”

She also highlighted several tools to help its wealth management advisors. Citi hired an AI leader from Morgan Stanley earlier this 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.

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