Wall Street: Top AI execs at the big banks

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Happy Friday! Dan DeFrancesco in NYC.

Fun Fact Friday: Watches in advertisements are almost always set to 10:10, and there is a scientific reason.

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Today, we've got stories on the death of a real-estate billionaire, a bright spot for M&A bankers, and how rich you need to be to reach the 1%.

But first, those who hold the AI, hold the power.

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Wall Street bulls racing towards a checkered flag with binary code on a green background.

1. The AI wranglers.

What's more powerful than artificial intelligence? The people who decide where to use it.

As Wall Street grapples with how to deploy AI, the executives overseeing the tech are rising in prominence.

Insider's Bianca Chan set out to identify these keeper of the keys, so to speak, at the largest US banks. Bianca mapped out the 12 executives leading AI strategy at Bank of America, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo. 

It's true major decisions about where to use AI will involve CEOs and heads of tech, but the day-to-day strategy is largely left to these behind-the-scenes players. That means these executives will be tasked with making choices that have the potential to impact thousands of jobs. 

Bianca's reporting also uncovered another interesting nugget: None of the banks maintain a similar leadership structure for how they oversee AI. 

Some have a sole executive, while others have tapped multiple leaders sprinkled throughout the organization.

Banks' different approaches to AI shows how wide reaching the tech really is. 

AI requires lot of data and computer power, typically two separate remits. Security, which is a separate part of the bank, is another critical consideration. Risk management also plays a part in AI usage, and its impact on the firm's overall operations, which fall under the COO, can't be understated. And of course, there is actual AI itself, which includes plenty of research and quantitative firepower.

Put another way, plenty of departments could make the claim for why AI should fall under their purview. And when one considers the power that position holds, it'll be interesting to see who pushes for the proverbial land grab. 

Of course, maybe that's all part of AI's plan. Get people so worked up fighting over who can control it so they end up destroying each other. 

Meet the 12 executives leading the AI strategy at the biggest US banks. 

In other news:

Yachts parked in the sea in Fontvieille, Monaco

2. RIP Sam Zell. The legendary real-estate tycoon and self-made billionaire has died at the age of 81. More on the legacy he leaves behind.

3. A change of leadership at Lazard. Ken Jacobs, the investment bank's CEO, is expected to step down, with Peter Orszag set to take over, per the Financial Times. For more on Orszag, click here.

4. For US banks, the "likes" might not be worth the headache. The bank run on Silicon Valley Bank, which was helped along by social media, has bank executives reconsidering their online presence, Reuters reports. Here's why Wall Street might be "taking a break" from social media.

5. M&A bankers' best bet for getting deals might be sports gambling. Fanatics' planned acquisition of PointsBet's US operations for $150 million has insiders speculating that dealmaking could take off in the sector. These are some deals that could be next.

6. All the best Elon Musk quotes from the past few days. Musk shared his thoughts on a multitude of topics during a CNBC interview and at Tesla's shareholder meeting. Here are 15 of his best quotes from this week.

7. The US dollar isn't dead yet, but these alternatives aren't helping. As debate rages on about de-dollarization, these five currencies are being viewed as a good reserve currencies for the rest of the world. Check them out.

8. The subscription-ification of your life. Every corporation these days wants to lock users into some type of subscription. And while some are worthwhile — this publication, obviously — others seem like an overreach. More here. 

9. How rich do you need to be to be in the 1%? It turns out the bar for wealth in a couple of European countries surpasses the US. We've got data from a recent study on how much money you need to be in the top 1% in 25 countries.

10. A top airlines unveils what its new planes are going to look like. Hawaiian Airlines, which was named the top domestic airline for 2022 by Travel + Leisure, just released interior photos of its new Boeing 787-9 Dreamliners. Take a peek inside.

Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London. 


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