It seems they think it's that simple from the whole rhetoric around it. Do they even realize Citi is far from having the talent to implement it and even if it did at one point, it might be always too much risk to use it as they might be envisioning it? Do they realize their best bet is probably wait for third party companies create specific uses of it, garner a reputation, and that part may be many years away?
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They could use AI to replace HR since they don’t do much anyway. Out of all the times I’ve reached to them in 7 years, I’ve never, not once, ever got a response. A response with a wrong answer would be a step up from no response at all. Given that, AI should be able to replace them with no issues at all. Some true cost savings.
I’m about to retire, should I still skill up in AI?
1000% correct !
@kg is right about how AI is going to impact banking profoundly. It is best to reskill and be ready for the new wave of innovation in banking, be it within or outside Citi.
The last post sounds like AI.
AI, specifically LLMs, can analyze vast amounts of financial data and market news in real time, enabling Citi to quickly identify emerging trends and potential risks. It can automate the creation of detailed financial reports and market summaries which can reduce manual labor for strategic decision-making. LLMs are also adept at sentiment analysis, and can help Citi gauge market moods and adjust investment strategies accordingly. Sophisticated chatbots and virtual assistants ( already developed and in use by other banks) can enhance customer service at Citi by providing personalized, timely information to clients. These models can help ensure regulatory compliance by continuously monitoring updates and automating the integration of new financial regulations into internal processes. All of these uses of AI/LLMs can help impact efficiencies at Citi, and thereby help reduce headcount ( already being done at competitor banks)
"And since Citi is under a consent order for their dumpster fire of a data architecture, it'll be a decade before it's cleaned up." by Anonymous Post ID: @ej+1jkgtwh5y
A Decade??? More like half a century, 50 years!
I'm Not being mean or discouraging. I'm just being realistic. This is $hittibank, NOT GS, JPMC or Morgan Stanley.
I know prominent 'AI guru' in Citi. He travels around the globe and gives his talk about the possibilities of AI.
It's all wonderfully vague - 'imagine a world where machines do the work and make great decisions'. It's sounds impressive to the uninitiated, but there is little substance behind it.
It plays well at Town Halls and Offsites. And obviously some of the top people have bought into it.
AI talk in banks is about stock pump. Big banks can't even mange xls and ms updates right and their data is an absolute mess. Good, clean, aligned data is required to leverage AI. And since citi is under a consent order for their dumpster fire of a data architecture, it'll be a decade before it's cleaned up.
First of all, no one in Executive or Tech positions are fully aware of AI to its full extent. What we get is just LLM for now and a full AI inside Citi might take more 3-5 years for sure. Don't PANIC.
Next, Everyone wants to Sign their name in the name of AI and get some budget for running some project from cash cows. The same will be used for eliminating or reduction of resources. So its basically a tactics to reduce resource counts.
Yes AI can replace jobs and your positions. But eventually Tech peoples transform. Beware AI provides Just recommendations and predictions and not for real world stuff.
astute observations by original poster...a lot of risk in rushing AI implementation
The truth is, AI will be the downfall of us all.
That’s a huge problem at Citi. They put people with no experience in executive positions. These individuals make wrong decisions that affect the whole company, and it doesn’t only apply to IT. This happens across the board, hiring people they know, not necessarily people with the know how.
That would not maximize shareholder returns in the short term. Layoffs su-k but Jane did the right thing HC needed to be whacked the hiring that went on in 2021-20223 was way overboard. She deserves blame for that.
Thankfully the painful part is behind us.
IF you are a smart Citi leader, funny right, you’d get AI up and running. Truly iron out all the bugs, prove beyond any doubt that its rock solid up and running. THEN you start crunching the numbers as to who and how many you can replace because, and this is where it gets really nuts, you are at that juncture.
You don’t let people go as if you are already there, mission accomplished. You do so AFTER you get there.
I guess its more important to sell it to the masses that you’re ahead of the game, whatever. What do I know though about such things as forecasting, forward thinking and honesty? I’m just a worker bee who can see the obvious like so many others.