Firms like Bank of America, Citi, Wells Fargo, and others are reporting strong profits while reducing head count and automating more work. "All of them credited A.I. to some degree ... in areas ranging from the so-called back office, where tens of thousands of employees fill out paperwork to comply with various laws and regulations, to the front office, where seven-figure salaried professionals put together complicated financial transactions for corporate clients," reports the New York Times. From the report: Less than four months ago, Bank of America's chief executive, Brian T. Moynihan, volunteered in a TV interview what he would say to his 210,000 employees about the chance of artificial intelligence replacing human work. "You don't have to worry," he said. "It's not a threat to their jobs." Last week, after Bank of America reported $8.6 billion in profit for the first quarter -- $1.6 billion more than the same period a year earlier -- Mr. Moynihan struck a different tone. The bank's bottom line, he said, was helped by shedding 1,000 jobs through attrition by "eliminating work and applying technology," which he repeatedly specified was artificial intelligence. He predicted more of that in the months and years to come. "A.I. gives us places to go we haven't gone," Mr. Moynihan said....
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