US banks, including JPMorgan Chase and Wells Fargo, said artificial intelligence will boost productivity at their companies and likely cause job losses. JPMorgan Chase's consumer and community banking chief, Marianne Lake, said at the Goldman Sachs financial services conference the bank has doubled productivity to 6% with AI, from a previous 3% without it. Operation specialists' productivity is expected to grow by 40% to 50%, Lake said. The higher productivity means less impact jobs on a net basis, she said.

AI represents the biggest technological upheaval to the world economy since the rise of the internet. It has brought trillions of dollars of investment and dizzying stock-market gains, but also a shortage of memory chips, regulatory scrutiny, and rising anxiety about job displacement.

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