Source perplexity and citations

JPMorgan Chase [ -4.68%] and Wells Fargo [ -1.34%] executives said at a Goldman Sachs [ +1.14%] conference on December 9 that AI is driving major productivity gains, with some operations seeing efficiency improvements of 40% to 50%, though they acknowledged workforce reductions are inevitable.[reuters +1]
• JPMorgan’s Marianne Lake reported the bank doubled its productivity from 3% to 6% annually through AI, while Wells Fargo CEO Charlie Scharf said generative AI has made engineers 30% to 35% more efficient in writing code, and Wells Fargo’s workforce has already declined from 275,000 in 2019 to just over 210,000 as of September 2025.[reuters +1]
• JPMorgan CEO Jamie Dimon warned that AI adoption could outpace society’s ability to retrain workers and urged a phased approach to avoid damaging lives, though he predicted AI could eventually enable a three-and-a-half-day workweek in developed countries within 20 to 40 years.[businessinsider]