Five Megabanks Beat Earnings as JPMorgan Says AI Cut 40% of Some Roles
Updated
Updated · CNBC · Jul 14
Five Megabanks Beat Earnings as JPMorgan Says AI Cut 40% of Some Roles
3 articles · Updated · CNBC · Jul 14
Summary
JPMorgan, Bank of America, Citigroup, Wells Fargo and Goldman Sachs all topped earnings expectations, an unusual same-day sweep by the five megabanks.
Strong equities trading and surging investment-banking fees drove the results, while executives pointed to resilient consumers, stronger business investment and steady hiring.
JPMorgan said AI helped eliminate up to 40% of jobs in certain roles, though Jamie Dimon said most affected workers were moved elsewhere inside the bank.
Goldman Sachs said its deals backlog is at a five-year high and Citigroup posted its best quarterly revenue in a decade, signaling momentum beyond trading.
Shares rose after the reports—Goldman gained 9% and JPMorgan 2.5%—as bank leaders framed AI more as a productivity tool than a broad headcount threat.