As the pace of technological advancement accelerates, banks are increasingly investing in artificial intelligence (AI) to enhance workforce efficiency and improve client experiences. Trevor Brosnan, Morgan Stanley’s global head of technology strategy, architecture, and modernization, indicated that software developers in the banking sector must adapt to these changes every few months, a stark contrast to the previous norm of adjustments every few years. This shift has placed technologists in a state of “continuous learning,” as they strive to keep pace with the rapid evolution of AI.
Wall Street engineers are now engaging in various educational initiatives, from capstone-style courses to improving communication skills, often supplemented by online content such as YouTube videos. Jonathan Lofthouse, chief information officer at Citi, noted that knowledge of AI can become outdated within a matter of months, necessitating ongoing education. Major banks like JPMorgan and Citi are investing billions in AI initiatives, reflecting a broader strategy to streamline operations and reduce costs, while simultaneously competing to attract top talent capable of implementing these technologies.
In the current environment, engineers who excel are those who adapt quickly to AI tools. Alexandra Mousavizadeh, cofounder and co-CEO of Evident, which monitors AI usage in finance, emphasized that banks are prioritizing upskilling initiatives. Potential candidates are increasingly evaluated based on their willingness to engage in continuous learning, according to Nish Rana, senior director of Enterprise Data at Capital One, who highlighted the importance of preparing staff for roles in AI and machine learning.
While companies employ thousands of developers—Citi employs around 30,000, Morgan Stanley 15,000, and Capital One another 15,000—the emphasis remains on accelerating developers’ adoption of AI technologies. Dov Katz, a distinguished engineer at Morgan Stanley, stated that a significant amount of time is spent helping engineers become aware of AI tools, enabling them to maximize their capacities.
Effective communication has emerged as a crucial skill for developers as they interact with generative AI tools. Katz noted that developers need to converse with these AI agents using natural language rather than code, a task that many in tech may find challenging. This shift in communication methods reflects the growing complexity of modern financial markets, as Lofthouse remarked, where even experienced developers often find programming languages like Java easier for articulating problems.
Brosnan explained that the role of developers is transforming from writing all the code to delegating larger tasks to AI agents. This represents a fundamental shift in the developer’s function, as the ability to guide AI agents effectively becomes paramount. Nonetheless, coding skills remain critical, as human oversight is necessary to review the code generated by AI.
To facilitate learning, Capital One has established AI Academies, which offer a comprehensive approach to training, covering areas from foundational knowledge to advanced techniques, including AI and machine learning modeling and prototyping. Rana indicated that new engineers do not need extensive backgrounds, as the bank provides formal training to quickly elevate their skills.
Morgan Stanley and Citi also offer a range of training options, with Citi launching a “Techflix” series for its technology and business teams, allowing staff to watch videos and engage in associated challenges. Each institution is leveraging video modules to accelerate the mastery of emerging AI skills, with short modules often drawing on popular online content.
Despite these advancements, the rapid rate of change has caused anxiety among engineers, leading some to question the relevance of traditional computer science degrees in an era where AI can produce code quickly. However, tech leaders maintain that AI will empower engineers to focus on more complex and impactful tasks. Lofthouse acknowledged the mixed feelings among veteran engineers, suggesting that while anxiety exists, the potential for exciting new opportunities is equally strong.
Rana emphasized that initiatives ranging from AI academies to online tutorials aim to equip engineers with essential tools while providing a supportive learning environment. This combination of practical skills and psychological safety is crucial as they navigate the evolving landscape of AI in finance.
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