JPMorgan missed on revenue and earnings, with noninterest expenses up 12%. Bank of America's profit fell 17%, including a $1.2 billion regulatory penalty. Goldman's equities revenue rose 72% to help produce $18.68 billion of revenue. Fortune's earnings coverage did not discuss AI spending.
CNBC reported analysts on the calls touched on AI's opportunities and risks, and Wells Fargo's Charlie Scharf and Citi's Jane Fraser described AI build-outs without a return figure in the coverage we reviewed. Against that, Bank of America's September statement of $400 million spent for $800 million of benefit stands as the most specific public number.
Source: Fortune