Impact of AI on Some Professions (Banks)

By using AI, the banks can analyse 

"...'corpus' information - or enormous amounts of text and data collected from thousands of sources - into page presentations that mimic the bank's typeface, logo, styles and charts..."

Rob Copeland, 2024

Generative AI’s ability to crunch and analyse data plus report writing is reducing the need for analysts. In the past, these analysts spend endless hours learning the building blocks of corporate finance, including the indices of mergers, public offerings, bond deals, etc. 

These

"... AI tools that can largely replace the army of analysts by performing in seconds the work that previously took hours, or a whole weekend......software, being deployed inside banks......is likely not only to change the arc of a career, but also to essentially nullify the need to hire thousands of college graduates......the idea is you just replace juniors with an AI tool......Accenture estimates that AI could replace or supplement nearly 3/4 of bank employees' working hours..."

Rob Copeland, 2024

AI's potential impact has been compared with the impact of

"...the printing press, the steam engine, electricity, computing and the Internet among others..." 

Jamie Dimon as quoted by Rob Copeland, 2024

Furthermore, it has changed the balance of power in the banks

"...by tilting the balance of power to technologists who program AI tools, as opposed to the bankers who use them..."

Rob Copeland, 2024

In addition to saving time, AI will reduce labour costs considerably for banks.