Wells Fargo CEO Sees AI Impacting Companies’ Workforce Decisions

Wells Fargo & Co. Chief Executive Officer Charlie Scharf said artificial intelligence poses a significant opportunity to improve efficiencies and has the potential to influence companies’ headcount decisions.

The San Francisco-based lender has rolled out generative-AI tools to its engineers, making it 30% to 35% more efficient for them to write code, Scharf said at a Goldman Sachs Group Inc. conference Tuesday. That hasn’t resulted in job cuts yet, but the teams are able to get a lot more done, he said.