What will be an impact on Wells Fargo? What positions will be affected the most and is it going to result in big layoffs?
14 replies (most recent on top)
AI will be used by corporations, politcal parties, and governments to predict and influence your behavior.
It will be used by banking/insurance/finance to siphon off your money, deny you coverage or steer you to a more lucrative product for the company.
This will all be done with cute AI implemtations, like "enter your name, birthday, and favorite cartoon dog and we'll create a song just for you!".
There will be some good uses in science and medicine, but overall, AI is going to become just like everything else on the interwebs.
A tool for the 1% of the 1% to siphon off wealth so they don't need to get real jobs.
It's not going to do sh-t for banking except be another technology that never came true. Remember 'data science', 'Service Oriented Architecture', no go finish your correspondence B-School paper on your own.
Uses ChatGPT to generate a response on the benefits of AI, well played.
First and foremost, I am not a fan of our current leadership and tactics they are using at the company, That being said, I can tell that you truly know nothing about the benefits that come with utilizing AI. Let me guess, you are most likely a baby boomer or someone worried AI will take your job.
If you had the slightest clue, you would realize that AI is already embedded into Microsoft 365. Microsoft, 365 uses “copilot” as their AI assistant. I suggest you do some research.
I can honestly say since the rollout of Microsoft 365 co-pilot which I utilize daily. I have been able to automate more than half of my deliverables, Create various AI models utilizing Microsoft AI builder, which allows me to summarize long emails at the click of a button, auto generate key takeaways from long emails, And use a text recognition model I created an AI builder which scans new incoming emails for specific texts, such as emails containing issue ID, Priority, start dates, and end dates, Along with other text that it scans for. These emails are also saved to my OneDrive, along with being auto archived per policy.
Essentially what used to take me a day to finish, I can now finish in half the time due to embracing AI. This is just scratching the surface of some of what I have done to make me more efficient. if all employees embraced AI, it would make their jobs a lot easier, mitigate risk, and drastically increase an end users efficiencies.
I would also look at AI as a way to prevent offshoring American jobs. By utilizing AI tools such as copilot, The company would not have to stand up operations offshore because of the increased efficiencies would offset the cost of standing up teams offshore, which would coincide with reducing headcount mainly offshore. in my opinion, this is a true example of doing more with less. People need to get on board because it will make your life so much easier if you embrace AI. I think people are just intimidated, but once you realize how easy it is to use., and the templates that Microsoft provides makes their AI tool very user-friendly.
If you do a cost benefit analysis, you would see that if you had a workforce that utilized AI such as Microsoft copilot versus standing up a workforce offshore. The cheaper option would be to upscale your existing employees and keep operations onshore. This also significantly reduces risk.
One of the problems this bank faces is, they have very tenured employees who have become complacent, and would rather coast through their remaining years at the company until retirement, without having to upscale or embrace new technology tools. This is why we need younger people at the bank who have the drive, motivation, And willingness to up-skill themselves.
Lately, many employees have noticed their managers treating them differently than they had in the past. It is the opinion of many employees that the mid-level managers are concerned their employees our demonstrating that they can do a lot more with less verse, long-term mid-level managers attempting to do more with less.
Artificial intelligence will not be going away. People should get with it or get going. The big question on a lot of peoples minds in regards to AI is; “will it replace employees jobs? The answer is yes and no. AI will create new roles or departments. It is also cheaper and less risk to onshore jobs that were offshored due to the efficiencies created by utilizing artificial intelligence. If the company truly wants to do more with less than this approach would be a win-win for the US labor market, shareholders, and the US economy.
Anyone who fails to realize this is either a dinosaur who looks to cut costs by offshore US jobs and reducing headcount. That is a classic 1980s approach before banking coincided with technology.
Nowadays banking and technology coincide with each other. The financial institutions that failed to invest in tech, will feel the pain of that neglect and will most likely take the approach to offshore roles and continue doing manual tasks that could have been automated onshore.
This is why we need a young CEO that has a background in both technology and banking and won’t hire all his outdated, baby booming cronies that had no value to the bank. All they do is insulate the CEO and seven figure salaries.
Great pic on our vice chairman. I think he holds the record of being the shortest vice chairman ever. I wonder how much money the captain wasted with this guys sign on bonus in stock options. I am no fan of “E musk”, but there is a reason why he is the richest man in the world and not even at retirement age.
Sone of those main reasons are, he is young, motivated, innovative, and understands the benefits technology provides his companies and how it empowers his employees, creativity, innovation, and efficient overall.
In other news, it has been over four years since the new CEO took over for Wells Fargo. During the past four years that Ben continues to be a habitual offender and incurs multi billion dollar fines and is stuck operating under an asset cap since 2017. Wells Fargo still does not have a long-term strategy, mapped out, or how far along we are on this mythological strategy. Can someone, anyone provide a justification of why WF captain is still at the helm making $24.5 million a year based salary plus lots of perks and options. The only thing this guy has done is ruined, morale and cut headcount so he can point to a cost saving Measure. oh, let’s not forget about the multi billion dollar fines that continue to occur under the current CEO’ on his watch. if this was any other employee, they would have been fired.
It’s a shame our BOD continues to drive this false narrative of success. There is nothing successful about Wells Fargo CEO. Shareholders should be PO’D and demand for him to step down.
Yes, I understand. This post is TLTR But it’s the truth.
All information in this post is publicly available
AI will tell you Wells Fargo is the most corrupt bank in the world and has no hope in the future.
I'm not sure. I don't understand AI. Or banking, if I am being honest.
@1wxl Nah, we'll get some bargain basement, bottom-of-the-barrel AI that winds up costing us more money than we saved. Charlie will still tell us it's top-notch technology.
@1let+1poQa8G3
No one types on my fiance, no one!
No idea. All I know for sure is that every other major bank in the country will leverage it's benefits before WF does because our leadership is hopelessly stuck in the past.
Curious, what did AI say?
I just asked AI to marry me.
Go ask ChatGBT, this a layoff board.
AI can easily replace CEOs and make their companies more efficient. Look at the CEO of Meta/Facebook, he definitely looks like an android.
CEOs will be able to write blustery drivel more efficiently while doing nothing.