Lates News

Charlie Scharf, CEO of Fugbank, said on Tuesday that artificial intelligence presents significant opportunities to improve operational efficiency and may impact the company's future workforce decisions. The bank has deployed generative AI tools to its engineering team, increasing code writing efficiency by 30% to 35%. Scharf emphasized that there have been no layoffs as a result, but the team is "able to accomplish more work." "We cannot achieve the necessary efficiency levels without the benefits of AI," Scharf pointed out. AI is also expected to drive transformation in various areas including compliance and legal affairs, call center operations, production of promotional materials in the investment banking sector, and drafting credit memoranda in the commercial banking sector. Last month, Fugbank appointed former consumer banking business director Saul Van Beil to oversee the bank's AI applications. The company stated that over 90,000 employees have received AI training and AI tools have been deployed on over 180,000 desktops.