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Digital Workers Have Arrived in Banking

By Tom Loftus

 

Bank of New York Mellon’s digital workers have direct managers they report to and work autonomously in areas like coding and payment instruction validation. Photo: Michael Nagle/Bloomberg News

Good morning. Financial services companies say AI’s capabilities are taking more and more cues from the way humans work.

The WSJ's Isabelle Bousquette reports on Bank of New York Mellon's onboarding of dozens of AI-powered "digital employees." This digital workforce has company logins and works alongside its human staff in areas like coding and payment instruction validation.

“This is the next level,” CIO Leigh-Ann Russell tells the Journal.

What BNY calls “digital workers,” other banks may refer to as “AI agents.” And while the industry lacks a clear consensus on exact terminology, it’s clear that adoption is growing even as it raises new questions.

“How do we manage those folks?" said Scott Mullins, managing director, AWS for Financial Services. When it comes to digital workers, "What’s the new operating model?"

At BNY, the model is to put them to work. Because digital employees have their own logins, and can directly access the same apps as human employees, they can work autonomously, said Russell.

For example, a digital engineer can log into company systems and see there’s a vulnerability that needs to be patched, write the new code to patch it, and then pass it on to a human manager for approval in the system. Read the story.

 
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'The List'

Illustration: Daniel Hertzberg

Silicon Valley is abuzz about “The List,” a compilation of the most talented engineers and researchers in artificial intelligence by Mark Zuckerberg, WSJ reports. The billionaire CEO of Meta wants them to join his company’s new lab focused on superintelligence.

The recruits on “The List” typically have Ph.D.s from elite schools like Berkeley and Carnegie Mellon. They have experience at places like OpenAI in San Francisco and Google DeepMind in London. They are usually in their 20s and 30s—and they all know each other. They spend their days staring at screens to solve the kinds of inscrutable problems that require spectacular amounts of computing power.

And their previously obscure talents have never been so highly valued.

By the WSJ's Ben Cohen, Berber Jin and Meghan Bobrowsky
 

🎧 Booz Allen CEO on Silicon Valley’s turn to defense tech: "We need everybody." As the CEO of Booz Allen Hamilton, a company that helps government agencies leverage the latest advances in technology used by the private sector, Horacio Rozanski has insight into the global race to develop AI.

 

CIO Reading List

Dealmaking is off to its best start of the year since 2022 by some measures, showing demand for corporate tie-ups has held up despite market turmoil, global conflicts and President Trump’s ever-shifting tariffs, WSJ reports. U.S. deal value this year through June 25 is up about 10% from last year and at its highest level in three years, according to the London Stock Exchange Group.

United Natural Foods, the main distributor to grocery chain Whole Foods Market, is bracing for a financial hit from a cyberattack detected June 5 that cut into sales over several days in June, WSJ reports. Systems are now restored, United Natural said in a filing last week.

OpenAI earlier this year tapped Google Cloud and its tensor processing units, or TPUs, to help power its products, the Information reports.

HPE's $13 billion takeover of rival Juniper Networks remains a go, with the Justice Department last week settling its lawsuit challenging the deal, Bloomberg reports. The settlement, which must be approved by a court, requires that the combined company sell HPE's wireless networking business and auction off a license to Juniper's competing business.

OpenAI is beefing up a consulting service for enterprise and government customers, potentially putting it into competition with companies like Accenture and Palantir, the Information reports.

 

Everything Else You Need to Know

The Senate geared up for an unpredictable battle Monday over final passage of the GOP’s “big, beautiful bill,” after Republicans narrowly advanced the measure in a 51-49 weekend vote. (WSJ)

The Trump administration is weighing cutting off funds to hospitals that it says provide gender-related treatments for children and teenagers, a move that would sharply escalate officials’ scrutiny of such programs. (WSJ)

Two firefighters were killed Sunday and a third was wounded by a sniper who set a brush fire in a northern Idaho mountain park to ambush them, authorities said. (WSJ)

Canada announced late Sunday that it is rescinding a digital-services tax in a bid to salvage trade discussions with the U.S. after President Trump paused talks on Friday. (WSJ)


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About Us

The WSJ CIO Journal Team is Steven Rosenbush, Isabelle Bousquette and Belle Lin.

The editor, Tom Loftus, can be reached at thomas.loftus@wsj.com.

 
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