What bank execs are saying AI is doing to their workforces, from ‘human assembly lines’ to redeployment plans

Executives at the largest Wall Street banks are integrating generative artificial intelligence to fundamentally alter their operational structures, leading to a strategic shift where routine roles are eliminated in favor of high-value talent and automated workflows.

While some leaders suggest that AI will expand the workforce over the long term, others have been explicit about the technology’s role in reducing headcount. This tension is reflected in a survey of 240 financial services CEOs by EY, which found that 60% of those surveyed believe investing in AI will maintain or increase their current headcount in 2026. Conversely, 28% of the CEOs predicted that headcount would drop this year.

Many of the industry’s largest players are using AI to manage growth without proportional increases in staffing, particularly after expanding their ranks during the deal boom of the pandemic.

At Goldman Sachs, CEO David Solomon has stated that the technology will allow the firm to afford more high-value people to expand its business footprint. However, a 2025 memo released by Solomon, CFO Denis Coleman, and President John Waldron regarding the third iteration of the bank’s cross-bank initiative, OneGS, outlined a more restrictive approach to staffing.

The memo stated that AI would drive efficiency, resulting in a limited reduction in roles and a constraint on headcount growth through the end of 2025 to create team structures capable of implementing AI solutions.

John Waldron further described the bank’s operations as a human assembly line during a CNBC appearance on May 13, 2026, comparing the current shift to the automation that once transformed the manufacturing sector. Waldron noted that while he is uncertain how overall headcount will change dynamically, the use of digital agents as robots will make the firm more scalable and resilient.

JPMorgan Chase CEO Jamie Dimon has taken a more direct stance on the risk of job displacement. During a Fortune conference in December 2025, Dimon stated that AI will eliminate jobs and urged people to stop ignoring that reality.

Despite this, Dimon told CNN that near-term headcount may remain steady or rise if the bank manages the rollout effectively. During a company update in February 2026, Dimon noted that the bank has established redeployment plans to offer other positions to employees displaced by AI.

JPMorgan CFO Jeremy Barnum added during a fourth-quarter earnings call that while the bank is allowing some additional hiring in technology at the margin, the goal is to ensure that the first reaction to a business need is not to hire more people.

Citi is currently implementing a multi-year turnaround aimed at cutting approximately 20,000 jobs and saving roughly $2.5 billion. In a January 2026 memo to employees, CEO Jane Fraser noted that while some new jobs will emerge through AI and automation, others will no longer be required.

At an Investor Day in May 2026, Citi executive Gonzalo Luchetti stated that the bank expects headcount to continue declining throughout the year as it utilizes AI to turbocharge productivity and drive structural cost savings.

Fraser highlighted the immediate impact of these tools during a third-quarter 2025 earnings call, noting that AI-driven automated code reviews had exceeded 1 million, creating approximately 100,000 hours of weekly capacity for developers.

Bank of America CEO Brian Moynihan has focused on reducing routine work through attrition rather than layoffs. During a first-quarter 2026 earnings call, Moynihan explained that the bank has been cutting operational and processing roles while continuing to hire in cybersecurity, technology, and relationship management.

Moynihan provided a specific example in January 2026 regarding the bank’s 18,000 coders, stating that AI techniques had reduced the coding portion of introducing new products by 30%, which effectively saved the bank about 2,000 people.

Wells Fargo CEO Charles Scharf has also been vocal about the inevitable decline in staffing. In a November 2025 interview with Reuters, Scharf said the bank would likely have less headcount moving forward, citing a need to address areas that were too bureaucratic or inefficient. This follows a period from 2018 to June 2026 where the firm operated under an asset cap of $1.95 trillion.

Scharf criticized those who claim AI will not reduce jobs, stating:

The opportunities that exist in AI are very significant, and anyone who sits here today and says that they don’t think they’ll have less head count because of AI either doesn’t know what they’re talking about or is just not being totally honest about it.

In December 2025, Scharf clarified that while most executives recognize that headcount will dip, many are afraid to state it publicly.

At Morgan Stanley, CEO Ted Pick emphasized the urgency of adopting the technology during a January 2026 fourth-quarter earnings call, stating there is no more time to waste.

CFO Sharon Yeshaya illustrated the shift in operations by explaining that the firm has replaced a previous system of two human teams checking each other’s documentation with a new structure consisting of one human team and one AI team.