The Bank of New York, one of the oldest

in the world, began to replace people

with machines without many noticing.

>> At America's oldest bank, 134 new

workers don't sleep. They don't take

sick days. They don't even have names.

They're what BNY calls digital

employees.

>> These new digital workers already

perform massive tasks such as attending

meetings or moving up to $3 trillion a

day without getting tired or making

mistakes.

>> In our payments phase, we support the

settlement of like $2.5 to$3 trillion a

day. At the same time, the number of

employees has dropped by 20% in a few

years. While the bank assures us that

everything is under control.

>> We saw some job cuts earlier on last

year. Look, we're always optimizing our

workforce, but last year was also the

year where we doubled our analyst intake

of new graduates out of college, and

we're going to double it again this

year.

>> To achieve this, the bank is spending

nearly $4 trillion on technology with

the idea of relying less and less on

people. uh last week on Friday we really

started to invest quite deeply in AI. We

created an AI hub and it's creating

benefits for our clients.

>> Now the employees who remain use their

own AI called ELISA which forces them to

do their work faster and with less

effort.

>> So we have built that it's model

agnostic. We use all the ALM providers

um and multi- aent and that is an

internal platform but it's also

something that we use to interact with

our clients and help our clients perform

better. All of this has created concern

as employees themselves could be

training machines that will replace

their jobs in the future. So why are

banks replacing their employees with AI?

In recent years, the Bank of New York or

BNY Melon has driven a profound change

in the way it carries out its daily

work. As artificial intelligence

advances, many tasks that previously

required human intervention have begun

to be automated with digital systems.

This is happening in an institution that

manages trillions of dollars daily,

which requires great precision and speed

at all times. At the same time, the

number of employees has decreased by

5,000 people in just a few years. This

reflects a major change in its structure

and internal operations. Although the

bank maintains that technology aims to

improve human performance, a clear

tension arises between efficiency and

employment. Thus, one of the oldest

banks in the world faces a change that

raises questions about the role of its

employees within its own organization.

>> So, this is the next phase of humans and

machines working together. And so, we

wanted simultaneously to make sure that

people felt that they could welcome the

technology in, but at the same time for

us not to be confused.

>> One of the most visible changes is the

incorporation of systems that function

as workers within the bank. These

programs participate in meetings, manage

tasks, and integrate into the daily

routine as if they were part of the

team. Their main function is to process

complex large-scale operations quickly

and without interruptions. For example,

they can carry out transactions of up to

$50 trillion per month. This shows the

level of responsibility that AI has

assumed within the institution. In

addition, these systems reduce errors

associated with fatigue or work

pressure, improving accuracy in critical

processes. This is back to our payments

business which processes trillions of

dollars of payments. So you can see how

having an AI augmented process becomes

really really helpful. As a result, six

out of 10 repetitive tasks within the

bank have been taken over by artificial

intelligence. This reflects a gradual

shift in the distribution of work where

more mechanical functions no longer

depend on people. Therefore, the work

environment begins to adapt to a logic

where technical efficiency carries more

weight. In operational terms, the margin

of error has been reduced by 15%,

strengthening trust in these digital

systems. In this way, automation

positions itself as a key solution in

areas where precision is essential.

>> Uh we also use AI to be able to help our

research folks get a start on the day, a

draft writing of the research and then

they come in a little later and they can

obviously polish it up, improve it. Um

but it but it creates efficiency for

them. The reduction in staff shows the

direct impact of these changes on its

internal structure. In just a few years,

the number of employees went from 53,000

to 48,000, marking a significant

decrease in the workforce. Although the

bank avoids stating that this involves

replacing jobs with AI, statistics show

that fewer people are needed to perform

the same functions. As a result of this

shift, around 10% of administrative

positions have been absorbed by digital

systems that execute tasks more quickly.

However, this process does not occur

abruptly, but rather advances gradually

and consistently. As AI integrates into

more areas, dependence on human labor

decreases proportionally. In fact, four

out of 10 new tasks within the bank are

already designed to be carried out by

automated systems. This shows how the

change not only affects the present, but

also reshapes the future of work within

the organization. Everyone I spoke with

at BNY envisioned a future of the firm

that still relies on humans alongside

machines. And this isn't the first time

the centuries old company has had to

contend with new technology. Another key

element in this transformation is the

development of its own artificial

intelligence called Eliza. Instead of

relying entirely on external tools, the

bank has chosen to create its own

technology. This decision has required

massive adaptation from employees.

Currently, 99% of the staff are trained

to use this system in their daily work.

As a result of this shift, the work

dynamic has evolved toward a model where

technology acts as an intermediary in

almost all tasks. This means that many

decisions and processes pass through

digital systems before reaching people.

As a result, seven out of 10 internal

processes now depend directly on this

artificial intelligence. In terms of

efficiency, the use of this tool has

reduced operational times by 25%

improving response speed across

different areas. In this way, automation

becomes a central component in the

bank's operations.

>> We have 170 concrete examples. We are

way beyond the use case scenarios and

very much into production. So 170

different versions of Eliza that touches

everything that we do.

>> Investment in technology has grown

significantly in recent years. The bank

has allocated substantial resources to

strengthen its digital infrastructure

and expand the use of artificial

intelligence. In 2025, investment

reached nearly $4 trillion, highlighting

the scale of its commitment. This

financial effort responds to a long-term

strategy aimed at reducing operational

costs. By decreasing the need for

personnel, the bank expects to optimize

expenses and increase overall

efficiency. In fact, 3/4 of the money

invested in innovation is directed

toward automated systems. Additionally,

this strategy has led to a 12% reduction

in operational costs in certain areas,

reinforcing the viability of the digital

model. Thus, the organization

prioritizes technological development as

the main driver of its growth

>> to them to help them to navigate all of

this because that's really what we are.

We're a platforms company that helps our

clients to navigate what's going on in

the world. And so, in the case of AI,

they do look to us to help create

solutions that ultimately is going to

make their lives easier in the

investment process.

>> Furthermore, these changes also affect

the roles of people within the

institution. Many employees have been

trained to develop AI based solutions

that optimize their tasks. In some

cases, activities that once required

seven hours can now be completed in just

30 minutes. This shift improves

productivity but also reduces the need

to maintain large teams. As a result,

30% of working hours in certain areas

has been freed up thanks to automation.

This creates a new reality in which

individual efficiency increases while

the overall demand for workers

decreases. Additionally, five out of 10

employees have participated in

technological training programs

demonstrating the scope of this internal

transformation. Therefore, learning

becomes a key tool in an increasingly

digital environment.

>> I think the adoption we talk about it a

lot, Robin talks about it a lot or EC

handshake on having AI for everyone for

everything everywhere, which was our

mantra and I I would say it was just

amazing how our employees really really

embraced Eliza as a as a technology that

can help. Moreover, it is becoming

increasingly clear that the main reason

behind all of this is to generate higher

revenue by reducing costs associated

with salaries, infrastructure, and

employee benefits. The bank aims to

maximize profitability. According to

estimates, this model could increase its

profits by nearly 20% in the coming

years. This is because automation is not

only an operational necessity, but also

a clear financial strategy.

Additionally, eight out of 10 strategic

decisions are aimed at strengthening

process digitalization. Revenue from

efficiency has grown by 18%, reinforcing

the idea that technology has become the

bank's main economic driver.

>> Everyone at BMY knows that technology is

the lifeblood of what we do. And so

there's a huge demand and a a and a very

much embracing technology and of course

AI to make sure that what we do is safe,

is resilient, and is is ruthlessly

efficient on behalf of our clients.

>> The transformation driven by Bank of New

York reflects a growing tension between

technological innovation and job

stability where efficiency becomes the

priority in a highly competitive

environment. At the same time, the

progressive reduction of jobs raises a

challenge in which artificial

intelligence redefes the value of

employees within the institution.

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