Fintechs are getting bank charters at record pace. AI can underwrite loans in seconds. JPMorgan has 250,000 employees. How many do you need in 2030?
You are asking the wrong question—AI makes every employee more productive, but it also creates new risks that require more humans, not fewer, to manage when the hurricane hits.
I hear this question constantly from Silicon Valley types who think banking is just moving data around. Let me explain what they are missing. In March 2008, I had 48 hours to decide whether to buy Bear Stearns or let the whole financial sy...