Speaking from the Invest in America Forum, the CEOs of Wells Fargo and Pfizer have unified to sound the alarm over the risk of the U.S. losing its competitive edge to China if more investment isn’t directed into AI.
Wells Fargo CEO Charlie Scharf and Pfizer CEO Albert Bourla said that while the U.S. still excels in many sectors, inconsistent policies and underinvestment are giving ground to China.
Scharf stated that AI is likely to decrease the size of workforces but will increase productivity.
“We will likely have less people, absolutely… When we look at the tools that we’ve implemented just for people that are coding, you see 20%, 30%, 40% improvement in coders. We haven’t reduced our head count by 20%, 30% or 40%. We’re actually doing more than we otherwise would have been able to do.”
He added, “We ultimately do expect significant changes in capital requirements, liquidity requirements. We do expect to see changes which will allow people in the industry, not just big banks and medium-sized banks, but smaller banks as well, to do more in these [local] communities.”
Bourla expressed concern about China’s growing impact on biotechnology and pharmaceuticals, noting increased investment in research and development, regulatory shifts, and a focus on life sciences as part of their national strategy.
According to the Pfizer CEO, China filed more patents this year than the U.S. “That’s never happened in history. Five years ago, the split was 90%-10%. … The gap is closing, but they probably will become [better than us] unless we get our act together.”
“We spend more time trying to think about how to slow down China rather than think how we can become better than them. We need to have regulatory changes here. We need to have stability. Tariffs and pricing was not helping.”
″Tariffs and the uncertainty of drastic correction of U.S. pricing — with this deal, we are removing both uncertainties,” Bourla concluded.
Read CEO North America’s exclusive interview with Wells Fargo Wealth & Investment Management’s Business Executive Barry Sommers
By CEO NA Editorial Staff