Wells Fargo CEO Charlie Schalff said artificial intelligence has significant potential to improve efficiency and will influence the company's decisions about the number of employees. Schalf points out that the use of generative AI tools has made Wells Fargo engineers 30% to 35% more efficient at writing code. Schalf expects that as Wells Fargo continues to reduce its cost base, the bank will include higher severance expenses in the fourth quarter than in the first half of this year.

Wells Fargo CEO Charlie Schalff said artificial intelligence has significant potential to improve efficiency and will influence the company's decisions about the number of employees. Schalf points out that the use of generative AI tools has made Wells Fargo engineers 30% to 35% more efficient at writing code. Schalf expects that as Wells Fargo continues to reduce its cost base, the bank will include higher severance expenses in the fourth quarter than in the first half of this year.