Related: JPMorgan Chase Says AI Could Cut Headcount By 10% in Some Divisions: ‘We Will Deliver More’
JPMorgan’s competitors are also reporting better-than-expected earnings. On Tuesday, Citi reported a net income of $4.02 billion, up 25% from the same period last year. The same day, Wells Fargo surpassed profit estimates with a net income of $5.49 billion, up from $4.91 billion a year prior.
On Wednesday, Bank of America beat estimates on earnings, with a net income of $7.1 billion compared to $6.9 billion a year prior, but was the only major U.S. bank to miss the mark on revenue.
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