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Major US bank stocks including JPMorgan and Morgan Stanley lost $22.8 billion in market value after reports of customers giving AI access to accounts
Major US banks, including JPMorgan, Morgan Stanley, Wells Fargo, Citi, and Bank of America, collectively lost $22.8 billion in market capitalization yesterday. This followed reports from Axios that bank customers were providing AI bots with account access, a practice that violates most banks' terms of service. JPMorgan alone saw over $7 billion in losses by the open of trading, with Wells Fargo close behind at $4 billion. Despite some recovery by the end of yesterday's trading, losses persisted, with Morgan Stanley down 1.6% and Citi down 1%. Banks have warned against giving AI access to login credentials, supporting secure data sharing only through authorized open banking providers.
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