Thread regarding PNC layoffs

@ge They have several offshore companies in different countries already and they keep letting employees go after they train the offshore people how to do their jobs

@dg It's cyclical. Offshoring to India was a huge thing 15-20 years ago, until they discovered the downside of that cheap labor.

@de Maybe. But his last real moment of innovation was helping engineer the credit derivatives market at Chase in the early 2000s, which worked out great for everyone.

@df 100% agree. AI replacing developers at PNC is not the near term threat. Offshoring is. They just opened a GCC in India, a strategy JPMorgan and the other big guys finished building out a decade ago. So the bold move right now is catching up to what everyone else did in 2015. That’s the playbook. Cheaper labor overseas first, then figure out AI later. The AI takeover narrative is good cover for what’s actually happening.

I do agree Bill seems like hes that little dog trying to be just like Dimon, and will mimic anything he does. However I feel I'm more likely to be laid off and replaced with over seas labor before I'm replaced by ai.

This is a JPMorgan story, not a banking story. Dimon has a $20B tech budget. That’s roughly PNC’s entire annual revenue. Of course they can restructure around AI.

Meanwhile at a regional bank like PNC, GitHub Copilot is capped at 300 queries a month (useless for actual dev work), M365 Copilot licenses are being rationed so most employees will never touch one, and any external tool connectivity is blocked.

The headline makes it sound industry-wide. It’s not. It’s one firm with a CEO who’s made AI his public personality and a war chest most banks can’t come close to. The big 4 are spending more on technology than PNC brings in.

PNC employees are reading articles about AI replacing bankers while waiting to find out if they’re getting a Copilot license this quarter.