Keep pulling the thread on Gary Cohn.
Over 90% of financial transactions in the United States are processed through an IBM mainframe every day.
IBM has saved over $4.5 billion in expenses by implementing its own AI tools internally, acting as 'client zero'.
Gary Cohn asserts that the widely held belief five years ago that all computing would move to the cloud and adopt a SaaS model has proven to be incorrect, with hybrid and on-premise systems remaining vital.
IBM has deployed approximately 85 quantum computing systems globally, which are being used by over 300 clients.
Gary Cohn predicts that quantum computing will have a dramatic effect on the healthcare system, risk management and pricing for banks, portfolio optimization, and the chemical and physical sciences industries.
IBM's headcount has not decreased despite achieving over $4.5 billion in cost savings from internal AI implementation.
Clients using IBM's quantum computing systems include Boeing, JP Morgan, and the Cleveland Clinic.
IBM has redeployed HR employees from manual tasks, such as generating reference letters, to higher-value roles like recruiting and mentoring new talent.
Gary Cohn believes the US economy is currently divided between asset owners, whose wealth is appreciating, and non-asset owners, who are struggling as their wages fail to keep up with rising costs for food, energy, and insurance.
Gary Cohn believes that despite initial job losses in specific roles, technological advancements like AI will ultimately lead to massive productivity gains, economic growth, and the creation of different types of jobs.