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The [Wells Fargo] CEO named auditing, testing, legal, contracts, patent filings, pitchbooks in investment banking and credit memos as a handful of areas across the company executives see room for AI to improve processes. “How much of that actually results in pure margin or return expansion is to be seen.” Scharf said, since competitors will be chasing similar AI goals, but it is “a net positive” for the company’s future expense base.”

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I’m down with the Martin Fowler idea that measuring productivity is sort of a waste. Rather, it’s better to measure output, yes, but:

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Productivity, of course, is something you determine by looking at the input of an activity and its output. So to measure software productivity you have to measure the output of software development - the reason we can’t measure productivity is because we can’t measure output.

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Is the bank making more money without breaking laws? Then it’s probably fine.

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🔗 Wells Fargo CEO: AI’s effect on employment is ‘complicated’

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