A new class of executives on Wall Street is gaining a ton of power
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But first, those who hold the AI, hold the power.
1. The AI wranglers.
What's more powerful than artificial intelligence? The people who decide where to use it.
As Wall Street grapples with how to deploy AI, the executives overseeing the tech are rising in prominence.
Insider's Bianca Chan set out to identify these keeper of the keys, so to speak, at the largest US banks. Bianca mapped out the 12 executives leading AI strategy at Bank of America, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo.
It's true major decisions about where to use AI will involve CEOs and heads of tech, but the day-to-day strategy is largely left to these behind-the-scenes players. That means these executives will be tasked with making choices that have the potential to impact thousands of jobs.
Bianca's reporting also uncovered another interesting nugget: None of the banks maintain a similar leadership structure for how they oversee AI.
Some have a sole executive, while others have tapped multiple leaders sprinkled throughout the organization.
Banks' different approaches to AI shows how wide reaching the tech really is.
AI requires lot of data and computer power, typically two separate remits. Security, which is a separate part of the bank, is another critical consideration. Risk management also plays a part in AI usage, and its impact on the firm's overall operations, which fall under the COO, can't be understated. And of course, there is actual AI itself, which includes plenty of research and quantitative firepower.
Put another way, plenty of departments could make the claim for why AI should fall under their purview. And when one considers the power that position holds, it'll be interesting to see who pushes for the proverbial land grab.
Of course, maybe that's all part of AI's plan. Get people so worked up fighting over who can control it so they end up destroying each other.
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10. A top airlines unveils what its new planes are going to look like. Hawaiian Airlines, which was named the top domestic airline for 2022 by Travel + Leisure, just released interior photos of its new Boeing 787-9 Dreamliners. Take a peek inside.
Curated by Dan DeFrancesco in New York. Feedback or tips? Email email@example.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.
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