Human resources software provider Workday Inc. recently introduced products that rely on artificial intelligence (AI) to write job descriptions or aid managers in composing workers’ annual performance reviews. Banks have expressed interest in those products, Co-CEO Carl Eschenbach told Bloomberg at a company conference in Barcelona.

The banks see such products as a way to streamline operations and cut costs, he said.

“You have 100 employees, and it takes seven hours to write a job description, so 700 hours,” Eschenbach said in an interview at the conference. “Now it takes two minutes. You can do the math, you just saved all that. So that’s a productivity gain. There’s quantifiable impact you can have through the use of AI.”

A study by the advisory firm Corporate Executive Board found that the average manager spent 210 hours doing employee reviews each year, Bloomberg reported.

JPMorgan Chase & Co. CEO Jamie Dimon said the technology could enable employers of the future to cut the work week down to 3.5 days, according to Bloomberg, and Citigroup Inc. is planning to enable its 40,000 coders to experiment with AI by the end of the first quarter.

“You’re not going to need nearly as many heads if certain pieces of your code can be written 80 percent by AI,” Eschenbach said. “The promise of AI is to drive productivity gains. If you’re getting productivity gains out of your existing workforce, you will need [fewer] workers.”

Deutsche Bank is experimenting with AI capabilities, such as using an AI bot to produce a client briefing, which would typically take junior bankers one or two days, Business Insider reported.