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US deal must punish Russia war crimes, says Ukraine’s Nobel peace prize winner

Oleksandra Matviichuk warns any amnesty could encourage authoritarian leaders to attack their neighbours

Any peace agreement between Russia and Ukraine that includes an amnesty for war crimes could encourage other authoritarian leaders to attack their neighbours, Ukraine’s only Nobel peace prize winner has warned.

Oleksandra Matviichuk said the leaked 28-point US-Russia plan did not account for “the human dimension” and she supported President Volodymyr Zelenskyy’s efforts to rewrite it in dialogue with White House.

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China Warns Trump Over ‘Golden Dome’ Missile Defense Plans

China justified its development of missile defense capabilities, saying it is motivated only by self-defense.
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Stopping drug smugglers at sea takes precision, not luck. Here’s the Coast Guard’s playbook.

US Coast Guard personnel board a submersible vessel carrying drugs with a small boat and larger Coast Guard cutter in the background. The water is dark blue and the sky is overcast in the background.
TK

  • The US Coast Guard has a strict step-by-step process for stopping and boarding drug vessels.
  • Its personnel train for a variety of situations, including needing to shoot out boat engines.
  • Everything the Coast Guard gathers in an interdiction is helping build a case for prosecuting alleged traffickers.

USCG TACLET SOUTH OPA-LOCKA, Florida — At a time when a new war on drugs is brewing in the Caribbean, Business Insider grabbed a front-row seat as the Coast Guard trained to take down drug smugglers on the high seas.

Day in and day out, the Coast Guard is out on patrol for boats packed with hundreds of thousands of pounds of cocaine, marijuana, and other drugs, illegal narcotics with street values in the millions. Finding these drug boats on the open isn’t chance, officials said. It’s all carefully orchestrated, from the intelligence-gathering to the drone flights to the precision shots from a helicopter needed to cripple the engine of a vessel on the run.

The service follows a strict step-by-step process, relying on the training and experience of its pilots, precision marksmen, boarding teams, and other personnel.

In recent years, the Coast Guard has been seizing record numbers of drugs from its interdictions during deployments in the eastern Pacific and Caribbean, but drug smugglers out of South America keep them on their toes.

“The threat from narcotics traffickers and narco-terrorists is constantly evolving,” Cmdr. Chris Guy, commanding officer of Coast Guard South’s Tactical Law Enforcement Team, told Business Insider. “They are changing their tactics in order to try to elude detection and interdiction all the time.”

They switch up drug routes and vessels, shifting from “go-fast boats” to semi-submersibles, vessels more commonly called narco-subs. But as the smugglers adapt, the Coast Guard does, too.

Finding drug boats on the high seas

A go-fast boat carrying drugs sails in dark blue ocean water.
TK

The hunt starts with eyes in the sky. Drones, patrol planes, and helicopter crews sweep the ocean for fast-moving boats suspected of carrying drugs north to the US.

The Coast Guard refers to vessels potentially carrying drugs as “targets of interest.” They keep an eye out for a number of potential red flag indicators, such as suspected drugs packages aboard the ship, the number of people on the vessel, weapons, even how many engines the boat has.

While the Coast Guard gathers intel, it tries to avoid accidentally tipping its hand, so it can take time.

The time it takes to gather the necessary data “all depends on the assets being applied to it,” Capt. Daniel Broadhurst, the commanding officer of the Coast Guard’s Helicopter Interdiction Tactical Squadron, told Business Insider.

The Coast Guard can draw critical intelligence from whatever’s in the air — Navy P-8 Poseidons or its own assets, such as the HC-130Js, MQ-35 V-BAT drones, or MH-65 Dolphin helicopters. Depending on the mix of assets available, spotting and tracking a suspect vessel can take 15 minutes, a few hours, or a full day.

Every detail is important, as it may help the Coast Guard build a case that can be used to prosecute smugglers once the drugs are seized and arrests are made, either in the US or the country of origin.

After wrapping up the recon phase, a helicopter crew is sent out to order the vessel to stop for boarding. If the suspected smugglers ignore the warning blaring over the loudspeakers, a gunner leans into the mounted machine gun and rakes three short bursts across the waves — the Coast Guard’s last warning before escalating and taking aim at the engines.

A US Coast Guard small boat sails in the ocean with a cloudy blue sky in the background.
TK

If the vessel doesn’t heed the initial warnings, a precision marksman takes the next step, disabling the boat’s engines with a rifle shot. Coordination with the pilots on position, angle, and speed is critical to making the shot count.

There’s standard script, Lt. Cmdr. Jamel Chokr, a pilot and mission commander at HITRON, said, “so theoretically, I could meet a gunner tomorrow, never have spoken to them, and we could walk out to an aircraft and affect an interdiction, and we could do it relatively seamlessly.”

He said that if the pilot and gunner have been flying together for some time, “you start really syncing up with them.”

Drug boats sometimes have several engines on them, or paneling that’s intended to shield the engines from a clean shot. The smugglers will sometimes try to use their own body to protect the engine, forcing the shooter to adjust to avoid injuring or killing someone not directly engaged in hostilities.

If someone aboard the boat falls or jumps into the water, the helicopter team has to seamlessly switch from interdiction to search and rescue mode, prioritizing throwing out life vests or flotation devices to those people while also keeping the drug vessel in sight. If the smugglers toss the drugs into the water, the crew will throw down devices to mark that location.

Once the target boat is disabled, the Coast Guard moves into the endgame phase. The helicopter team keeps their eyes and weapons on the vessel while the boarding team arrives.

Boarding drug vessels

Two boats sit in the ocean with people on the boats and an overcast, cloudy sky in the background.
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The Coast Guard’s boarding teams position their vessels alongside the drug boat and begin what can be a highly dangerous process: the initial boarding can range in difficulty depending on the state of the seas, weather, time of day, and crew compliance.

Night time raids can be particularly risky, the darkness complicating even simple procedures.

The boarding crews have methods for disrupting and disabling vessels if needed, such as shouldering the boat, spraying fire houses, and using entanglers. Sometimes, how the interdiction process goes down is more of a leap-frog between teams, which makes communications between personnel essential.

After boarding, Coast Guard personnel want to swiftly take control of the vessel, including locating and apprehending any suspected smugglers, determining the origin and nationality of the boat and its crew, and investigating the drugs aboard. A translator will often come along to help gather information.

A person wearing camouflage with blue gloves stacks packages of drugs on a wooden crate.
TK

The boarding team also needs to be prepared for things to unexpectedly go south. If drug runners jump overboard, the mission switches to search and rescue. If they have weapons, the team has to neutralize them. Worst-case scenarios are anything that put the lives of the boarding team in danger.

If a vessel is stateless — no flag, no documents, and a silent crew — the Coast Guard enforces US maritime law. If it’s registered to another country, the process gets more complex, requiring coordination with that government under existing law enforcement agreements.

Collecting all evidence aboard a drug boat is intense and can take hours. The team extensively takes pictures of the vessel and equipment and the drugs.

Coast Guard crews go through and swab for drug residue, map the vessel for hidden compartments, detain the crew, and search electronics for evidence while verifying identities and criminal backgrounds. The seized drugs are stored aboard a cutter and later offloaded to federal agencies in port.

A precise legal process

The crew of US Coast Guard Cutter Stone stands behind rows of stacked cocaine packages on the ship's deck. A large drone is placed by the cocaine.
The offload included over 49,000 pounds of cocaine seized by US Coast Guard Cutter Stone in the eastern Pacific.

Every interdiction hinges on legal approvals that must move up and down the chain of command, from Coast Guard leadership to law enforcement partners, often leaving boarding teams waiting for the green light to act.

“There’s a lot of legalities that come into play,” Coast Guard maritime law enforcement specialist Morgan Fussell told Business Insider. “And if you do any of those prior to getting full law enforcement authority, then the case obviously could be inadmissible in court and get thrown out.”

Finding drug vessels, getting permission to stop them, and seizing the cargo also relies on interagency cooperation, including with the Joint Interagency Task Force South.

Coast Guard helicopter and boarding teams regularly also find themselves aboard US Navy warships, as well as vessels belonging to international allies and partners. On those deployments, the priority is balancing interdictions with other objectives and missions.

At its core, the success of the service’s interdiction boils down to pursuing those interdictions precisely but also remaining flexible as things change. “Drug smugglers are ever evolving, and we do a really good job of training for that,” Chokr said. “So it’s kind of a cat-and-mouse game.”

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6 leading humanoid robot companies worth watching

Tesla's graphic for its annual shareholder meeting 2025 features its Optimus humanoid robot, which is in development.
Tesla’s graphic for its annual shareholder meeting 2025 features its Optimus humanoid robot, which is in development.

  • Nothing conveys our sci-fi future quite like the humanoid robot.
  • Bouyed by AI, robot companies are now commanding eye-popping funding rounds.
  • These bots are quietly becoming fixtures in factories and may soon be folding your laundry.

Science fiction is imaginary — until, suddenly, it isn’t.

We are now on the brink of living in a world populated by humanoid robot assistants, a timeless trope of futuristic fiction. Right now, it’s more the world of the “Jetsons” than that of “Terminator,” but that’s not always readily apparent when you see the tall, sleek robots that companies are eagerly demoing.

The founders of some of America’s most promising robotics startups say that we’re not far away from a world in which humanoid robots are autonomously completing tasks in the home and on factory floors.

Business Insider compiled a list of some of the most well-known US companies in the space to highlight the current state of the humanoid robotics industry — and where it’s headed.

Tesla
Tesla's Optimus robot on display in Shanghai, China.
“I think we will literally build a legion, at least one legion of robots this year and then probably 10 legions next year,” Musk said when asked about Tesla’s Optimus robots.

While Tesla may be best known as an EV maker, the company has made its humanoid robot a key part of its future.

Optimus, Tesla’s humanoid robot, is often trotted out at company events. It’s been seen serving drinks, dancing, cleaning, and taking out the trash — at varying levels of autonomy (it’s still very much in development and often tele-operated). The company says it is working to deploy its first fleet of Optimus robots in Tesla factories by the end of the year, but commercial production is further out.

Tesla CEO Elon Musk is motivated to bet big on Optimus. Among other benchmarks, he will need to deliver one million new Optimus robots over the next decade to fully earn his $1 trillion pay package, which Tesla shareholders approved in early November.

During the company’s third-quarter earnings call, Musk said that the robot “has the potential to be the biggest product of all time” and projected that Tesla would eventually make 1 million robots every year. He has also said that Optimus would eventually account for around 80% of the company’s value.

At the company shareholder event in November, Musk even suggested that Optimus could “actually eliminate poverty.”

Figure
Brett Adcock

CEO and founder Brett Adcock says Figure is building its machines on the belief that “the humanoid robot will be the ultimate deployment vector for AGI.”

AGI, or artificial general intelligence, is a still-theoretical and much-debated technology milestone generally viewed to be when AI can reason as well as humans. It’s the thing all the leading AI companies are elbowing their way toward.

The company has $2.34 billion in funding, according to PitchBook.

The company’s latest robot, Figure 03, is designed for household tasks like laundry, cleaning, and doing dishes.

The company says its overall mission is to “develop general-purpose humanoids that make a positive impact on humanity and create a better life for future generations,” especially ones that can “eliminate the need for unsafe and undesirable jobs — ultimately allowing us to live happier, more purposeful lives.”

In the near-term, like “single-digit years away,” humanoid robots will be capable of doing useful work, Adcock said recently on the tech podcast “Around the Prompt.” He told Salesforce CEO Marc Benioff at the annual Dreamforce conference in October that Figure was building “a new species.”

1X
1X's Neo home robot, which is now open to pre-orders and will require tele-operation initially.
1X’s Neo home robot, which is now open to pre-orders and will require tele-operation for many tasks initially.

1X, a dual Norwegian-American robot maker backed by OpenAI, is on a mission to develop “general purpose robots that can coexist with humans and elevate humanity,” according to its website.

To that end, it has two series of robots: Neo, designed for domestic tasks, and Eve, designed for industrial use in factories. The company recently began taking orders for Neo, which will cost $20,000 or a $499 a month subscription with an expected US launch in 2026. For now, the robots will require owners to be okay with them being tele-operated by a human outside the residence as Neo is trained.

“We are cloning human thought and behavior into a machine, alongside providing foundation models for robotic safety,” Bernt Øivind Børnich, the CEO and founder, told Business Insider in 2024.

He said the company, which is more than eight years into developing androids, is seeing a clear market for its innovations.

“What is unique about us is that we have an android that can be safely deployed with humans, which opens up new consumer markets,” Børnich said. “These are complicated products looking for a market but we now have commercial traction which previously hadn’t been proven out.”

The company has raised $140.36 million in funding as of July 2025, according to PitchBook. The Information reported in September 2025 that the company was seeking an additional $1 billion in funding.

Agility
Agility Robotics

Digit, Agility’s 5-foot-9 humanoid robot, became the first of its kind to be “paid” for performing real work in 2024.

Under a multiyear deal with GXO Logistics, Agility deployed Digit at Spanx’s women’s wear factories, where it moves boxes and places them onto conveyor belts, and just hit 100,000 totes moved to date, a spokesperson for the company told Business Insider by email. The company has also deployed its robots with Schaeffler Group and Amazon, Agility’s spokesperson added.

Peggy Johnson, an alum of Microsoft and Qualcomm, who became Digit’s CEO last year, previously told Business Insider that it’d soon be “very normal” for humanoid robots to become coworkers with humans across a variety of workplaces.

Boston Dynamics
Boston Dynamics' humanoid robot Atlas
Boston Dynamics unveiled Atlas in 2013

Boston Dynamics, which was founded way back in 1992 and which is perhaps most famous for its “robot dog,” has built and deployed a suite of advanced robotics over the years.

Hyundai acquired the firm in 2021 for $1.1 billion. In April, Hyundai announced a $21 billion investment in the U.S., including $6 billion to promote investment and partnerships in the US.

Its viral dog-like robot, Spot, is used to inspect building sites or oil and gas facilities. An artist-in-residence at SpaceX has even trained some Spot robots to paint.

More recently, Boston Dynamics released a fully electric version of Atlas, its humanoid robot, which the company is now exploring for commercial use, starting with part sequencing, a common logistics task that involves arranging parts correctly in order for the cars that are being assembled, according to a company press release.

Boston Dynamics has long been a leader in robotics. Its founder, Marc Raibert, said in a 2024 podcast interview that “it’s hard not to think that seeing what Atlas is doing is a little bit of an inspiration” for Tesla’s Optimus.

Apptronik
Apptronik's robot

Apptronik is an Austin-based humanoid robotics startup that spun out of the University of Texas’ Human Centered Robotics Lab in 2016.

It unveiled its first humanoid, Apollo, in August 2023.

It had $772.78 million in funding as of November 2025, according to PitchBook.

“The big idea is a humanoid robot should be able to fit in all the places that a human can fit into and use all the same tools that humans can use,” Apptronik CEO Jeff Cardenas told Business Insider at the time. “That allows them to integrate into a world that’s built for us versus having to modify the world for the robots.”

The company is targeting a new funding round of $500 million, which would value it at $5 billion, according to the Austin Business Journal.

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Want to go for a walk in Dallas? Here is a list of trails across the city

Whether you’re looking for a relaxing walk, a brisk bike ride or a scenic commute path linking neighborhoods, Dallas’ trails have something to offer. For walkers, runners or casual strollers in Dallas, the trails offer more than greenery: many link neighborhoods to transit stations and other parks, enabling new routes for everyday travel as well as weekend leisure. Below is a list of some of …
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Photographer Snaps Family’s Photo on Beach—Later Realizes Its Significance

The couple’s 7-year-old dog was diagnosed with brain cancer in August, and her condition progressed rapidly.
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Packers vs. Lions prediction: Thanksgiving Day, odds, pick, best bets

The Lions and Packers will kick off a stuffed Thanksgiving Day slate of NFL games Thursday afternoon. Division matchups in the NFC North are always interesting regardless of the records, but this game is crucial for both sides. The Packers (7-3-1) are currently sixth in the projected postseason standings in the NFC and the Lions…
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JD Vance Says He’s Going to Deep Fry His Thanksgiving Turkey

In a Thanksgiving speech to troops, the vice president said anyone who said they liked turkey was “full of s***.”
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Russia is trying to hit Ukrainian helicopters and other aircraft midair with Shahed drones, deputy defense chief says

A Ukrainian military helicopter flies at a low altitude in Donetsk region on January 15, 2025, amid the Russian invasion of Ukraine.
Russia is trying to fly its Shahed-type drones into Ukrainian aircraft, a senior official said.

  • Russia is using its Shahed drones to try to hit Ukrainian aircraft midair, a defense official said.
  • Russia is also now attacking closer to the front lines with Shaheds, typically a deep-strike weapon.
  • The new developments show how Russia is modifying and testing out new tactics with its drones.

Russia is using its explosive Shahed drones to hunt Ukrainian aircraft midair, a senior defense official told Business Insider, marking a new twist in Moscow’s evolving battlefield tactics.

Lt. Col. Yurii Myronenko, Ukraine’s deputy minister of defense for innovation, said that Russia is constantly testing out new deep-strike capabilities, including “both new modifications of Shaheds and entirely different models.”

Myronenko, a former drone unit commander, said Russia has recently started using operator-controlled Shahed drones near the front lines, communicating with the systems through antennas in occupied regions of Ukraine, Russia, or neighboring Belarus.

“Countering such Shaheds is even more challenging, as they are piloted in real time, allowing the operator to react to the current situation and even attempt to engage our aircraft or helicopters in the air,” he said. It’s not just cutting reaction time for defenders; it is creating a whole new set of headaches.

Ukraine has relied heavily on its aircraft, from fighter jets to helicopters, to help shoot down Russian drones, which are packed with explosives and are highly destructive if they reach their target. The new tactic of gunning for aircraft with drones appears to be Moscow’s attempt to suppress Kyiv’s air defenses.

Kyiv, which isn’t typically very open about battlefield losses, has not publicly disclosed any incidents in which a Russian Shahed drone took out an aircraft. But in this war, aircraft have been knocked out of the sky by drones.

A Ukrainian Air Force F-16 jet flies in the Dnipropetrovsk region, Ukraine.
A Ukrainian F-16 operates in the Dnipropetrovsk region.

On Saturday, Ukraine’s Special Operations Force said one of its deep-strike drones “shot down” a Russian Mi-8 helicopter for the first time in history. Business Insider could not independently verify the claimed kill.

There have been other reported helicopter kills with other types of drones.

“Every mission requires creativity, from the technical characteristics of the equipment to the planning and training of the pilots,” SOF said in a statement on the engagement published to the Telegram messaging app.

New tactics and weapons

For the past three years, Russia’s Shahed drones have typically been used to strike Ukrainian cities and civilian infrastructure far beyond the front lines, but that appears to have changed as the Kremlin ramps up investment in its drone operations.

A soldier with the 4th Ranger Regiment, a Ukrainian special operations unit modeled after its US Army counterparts, told Business Insider on Tuesday that Russia is now producing so many Shahed-style drones that it is increasingly using them to hit front-line positions.

“It’s a big threat, and it becomes a bigger problem every day,” said the operator, who could only be identified by his call sign Khyzhak (“Predator” in Ukrainian) for security reasons.

Meanwhile, Ukraine’s GUR military intelligence agency confirmed on Tuesday that Russia has been using new Iranian-made Shahed-107 drones to strike front-line positions. The news comes just a few months after Tehran unveiled the weapons amid its brief war with Israel.

A rocket pod is mounted on a military helicopter of the 28th Separate Mechanised Brigade of the Knights of the First Winter Campaign of the Ukrainian Armed Forces in Ukraine on July 1, 2025.
Ukraine has relied heavily on its aircraft, including helicopters, to help shoot down Russian drones.

Reports surfaced earlier this month that Russia had introduced the Shahed-107 onto the battlefield. The GUR said in its Tuesday statement that Moscow “has begun actively using” the drone.

Ukraine said that the Shahed-107 has a wingspan of about 10 feet and features cross-shaped tail stabilizers with a carbon fiber body. The GUR said one drone was found equipped with a 15-kilogram (33-pound) high-explosive warhead, and assesses that it has an operational range of 300 kilometers (186 miles).

Russia’s defense ministry and its US embassy did not immediately respond to Business Insider’s requests for comment on the Shahed tactics and reports of the new variant.

The Shahed-107 marks one of the newest weapons to debut in the war as it approaches the four-year mark, and its appearance in combat highlights how both sides continue to attempt to gain an edge over the enemy.

Myronenko, the deputy Ukrainian defense minister, said Kyiv is able to respond to the threat of Russia’s new weapons and do so “very quickly.”

“But how, exactly, is something that can only be disclosed over time, once the enemy understands the nature of the countermeasures, and they no longer provide a competitive advantage,” he said.

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Here’s what big bank CEOs have said about AI’s impact on head count

Wall Street CEOs Jamie Dimon, Jane Fraser, and David Solomon.
Wall Street CEOs Jamie Dimon, Jane Fraser, and David Solomon.

  • Bank CEOs have praised the epochal efficiency changes promised by AI.
  • But what does efficiency mean for employees? Does it mean fewer jobs?
  • We look at the public record to see what banking’s top executives are saying about head count.

When bank CEOs start talking about AI, the financial world lights up — from meme accounts to markets. Their predictions about how generative AI will change work can move stocks, reshape strategy, and set the tone for the rest of corporate America.

Banks’ plans, and increasingly, actions, around generative AI give a glimpse into how the technology will enhance and replace human workers.

But you know who else is listening? Their employees. Many of the largest bulge-bracket banks employ over 100,000 employees each, and the FDIC-insured commercial banking sector, more broadly, employs nearly 2 million people.

These can range from bank tellers to dealmakers making multi-billion-dollar salaries, as well as a veritable army of software engineers who will turn this generative AI dream into a reality.

In order to get a better understanding of what they’re thinking, we’ve highlighted some of the most revealing statements about bank head count in the age of AI below.

Jamie Dimon, CEO of JPMorgan Chase
Jamie Dimon speaking and gesturing with his hands.
JPMorgan CEO Jamie Dimon

Jamie Dimon’s penchant for straight talk means that Dimon is willing to admit that job cuts are coming.

“It will eliminate jobs,” Dimon said at a Fortune-hosted conference earlier this month. “People should stop sticking their heads in the sand.”

The comments echoed those Dimon made at a town hall for the firm’s employees in Columbus, Ohio, earlier this year, where he said that AI will “change some of your jobs,” whether as a “copilot,” a solution for “drudgery,” or by eliminating them.

More immediately for JPMorgan, according to an interview on CNN earlier this month, Dimon sees head count remaining steady, or even rising, as AI continues to roll out, “if we do a good job.”

Core to JPMorgan’s promise is increased efficiency, which Dimon explored during the 2024 Alliance Bernstein conference.

“It will affect every job, every application, every database, and it will make people highly more efficient,” Dimon said. “Like a lot of you clicking away, taking notes. You won’t have to do that because it will — you can just summarize what Jamie said. You push a button, and you don’t have to waste all that time.”

He also explained how increased efficiency could also create more jobs in cybersecurity.

“We use it for risk and fraud recognition, and bad guys are going to use it,” Dimon said. “So, we have to use it to counter the bad guys. We have to use it to get better and better in cyber.”

Other executives at the firm are even more explicit about how headcount at the firm is changing now.

In operations, the “tip of the spear” on using this new technology, executives expect head count to trend down 10% through 2029, according to Marianne Lake, the CEO of consumer and community banking.

Jeremy Barnum, the firm’s CFO, said they’re “asking people to resist head count growth where possible and increase their focus on efficiency.”

While a more efficient future with an equal number of working and non-working weekdays may exist in the coming decades, according to Dimon, for now, hiring may slow.

David Solomon, CEO of Goldman Sachs
Goldman Sachs CEO David Solomon
Goldman Sachs CEO David Solomon said AI will enable the bank “afford more high-value people.”

David Solomon’s most definitive statement about how AI will affect Goldman actually came from a memo he released earlier this year alongside the firm’s president John Waldron and CFO Denis Coleman.

The memo, announcing the third iteration of the bank’s cross-bank initiative OneGS, explains that AI will drive efficiency at the firm. Driving efficiency will mean slowing hiring and reducing roles at the firm, which is no stranger to job cuts, with a yearly culling of some employees.

“We’re asking people to resist head count growth where possible and increase their focus on efficiency,” the memo said. This will be part of a broader initiative to find the “right team structure” and to gain “more agility.”

When Business Insider obtained the memo and reported on it, a spokesperson for the bank told us that the firm anticipates an increased head count at the end of 2025, and in the third quarter of 2025, it announced it had grown its global workforce 5% to about 48,000 positions.

Slowing hiring and increasing head count don’t need to be contradictory; instead, the firm is focusing its hiring on the right talent.

“We need more high-value people,” Solomon told Axios in October. “We can afford more high-value people to expand our footprint and continue to grow and broaden our business.”

Solomon continues to believe that AI will grow the firm’s head count over the next 10 years.

“There are obviously things where we’re going to have a lot fewer people — but I’d love to have the capacity to go get more people to spend time with clients,” Solomon said at a conference last month, noting that AI will have its most immediate impact on software development.

Speaking more generally earlier this month, he said that “disruption” will happen, but “our economy is very nimble, very flexible.”

“And when you look at the technology that has flooded over hundreds of years into our society, we adapt,” Solomon said. “We find new businesses. We find new jobs. I don’t believe it will be different this time.”

The adoption may come quicker than previous changes, like the creation of the internet or the rollout of electricity. And Solomon shares the views of others that professional workers may take the hardest hit.

“The need for some white-collar office jobs will be diminished, but they’ll be picked up in other parts of the economy,” said Solomon.

Jane Fraser, CEO of Citi
Jane Fraser, CEO of Citigroup, on television in a pink suit
Jane Fraser, CEO of Citigroup.

Back in 2023, Jane Fraser wrote a LinkedIn post walking through her big picture thoughts about AI at the bank. She, like her peers at the bulge brackets, saw big-time transformation ahead.

“In the near term, generative AI will drastically improve productivity,” she wrote. “Over the long term, it has the potential to revolutionize all functions across our bank and the industry — changing how we write code, onboard clients, service customers, detect fraud, develop market research and strengthen compliance and controls.”

On a recent earnings call, Fraser explained how it was already increasing productivity.

“AI-driven automated code reviews have exceeded 1 million so far this year and are dramatically improving our developers’ productivity,” Fraser said. “This innovation alone saves considerable time and creates around 100,000 hours of weekly capacity.”

Fraser also highlighted how AI is helping their customer service teams resolve client inquiries faster, their wealth advisors provide more personalized advice, and the firm is launching an agent-based AI pilot to tackle more complex tasks.

When she was asked by CNBC this month if productivity increases from AI will lead to layoffs, Fraser said her “fear” is that AI might “pinch” the job market “before it pays.”

But, with adoption only at 10% globally, she said, it’s a long way before adoption is widespread enough to see what it will do for layoffs. Fraser said adoption will need to be closer to 50%.

“It’s not there yet, and we don’t know how quickly,” Fraser said.

Charles Scharf, CEO of Wells Fargo
Charles Scharf, CEO of Wells Fargo
Charles Scharf, CEO of Wells Fargo

Wells Fargo has already shrunk its headcount by nearly a quarter since Charles Scharf joined in 2019, and he expects that trend to continue.

“It’s likely we’ll have less headcount as we look forward … we’d like to do much of it through attrition as possible,” Scharf told Reuters this month.

He said the lower headcount is an “outcome” of the firm’s focus on areas where it’s “way too inefficient” and “way too bureaucratic.” From 2018 to June of this year, the firm had a $1.95 trillion asset cap, hindering its ability to grow.

In the same interview, Scharf called out those who are saying that AI won’t reduce jobs.

“The opportunities that exist in AI are very significant, and anyone who sits here today and says that they don’t think they’ll have less head count because of AI either doesn’t know what they’re talking about or is just not being totally honest about it,” he said.

Brian Moynihan, Bank of America CEO
Brian Moynihan, Bank of America CEO
Brian Moynihan, Bank of America CEO

Bank of America has set a new industry standard, with a minimum wage of $25 an hour across the company. And while CEO Brian Moynihan conceded on a September Bloomberg TV interview that generative AI adoption has shrunk the size of some departments, the bank is focusing on training employees to do what LLMs cannot.

“The key to that is really redeploying people and re-skilling them,” he said. “We have to be more mindful about training them along multiple dimensions than we might have been two or three years ago.”

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