News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Investment Banking

Banks eye $170bn profit boost from AI adoption

Banks are rushing to adopt AI technology

Finance firms are optimistic about the impact of AI on their profits Budrul Chukrut/SOPA Images/LightRocket via Getty Images
Finance firms are optimistic about the impact of AI on their profits Budrul Chukrut/SOPA Images/LightRocket via Getty Images

Artificial intelligence is set to boost banking profits, amid fears it will lead to job losses in the sector.

The adoption of AI is set to add $170bn to banks’ profits in the next five years, according to a report by Citi.

WSJ Logo