Wells Fargo CEO Charlie Schaff said on Tuesday that artificial intelligence brings significant opportunities to improve operational efficiency and may influence the company's future human resources decisions. The bank has deployed generative AI tools to its team of engineers to improve code writing efficiency by 30% to 35%. Schaff stressed that there are currently no layoffs as a result, but the team “can complete more work.” “Without the benefits of AI, we wouldn't be able to achieve the level of efficiency we should have.” Schaff pointed out that AI will also drive changes in various fields, including compliance and legal affairs, call center operations, production of promotional materials for investment banking departments, and the writing of credit memos for commercial banks. Last month, Wells Fargo created a new AI supervisory position and appointed former consumer banking business director Saul van Beerden to coordinate AI applications across the bank. The company said it has conducted AI training for over 90,000 employees and deployed AI tools on more than 180,000 desktops.

Wells Fargo CEO Charlie Schaff said on Tuesday that artificial intelligence brings significant opportunities to improve operational efficiency and may influence the company's future human resources decisions. The bank has deployed generative AI tools to its team of engineers to improve code writing efficiency by 30% to 35%. Schaff stressed that there are currently no layoffs as a result, but the team “can complete more work.” “Without the benefits of AI, we wouldn't be able to achieve the level of efficiency we should have.” Schaff pointed out that AI will also drive changes in various fields, including compliance and legal affairs, call center operations, production of promotional materials for investment banking departments, and the writing of credit memos for commercial banks. Last month, Wells Fargo created a new AI supervisory position and appointed former consumer banking business director Saul van Beerden to coordinate AI applications across the bank. The company said it has conducted AI training for over 90,000 employees and deployed AI tools on more than 180,000 desktops.