Its about time [Happy]
Bank Stocks Suffer Another Plunge on Credit and AI Fears
A chorus of concerns about AI and risky lending has bank investors spooked.Shares in big lenders and investment banks sold off sharply Friday after new credit issues emerged and fears of broader economic implications from artificial intelligence weighed on investors.Bank of America, Citigroup and Wells Fargo all closed down more than 4%, while Goldman Sachs and Morgan Stanley both fell over 6%. JPMorgan Chase, the biggest U.S. bank, lost 2%.The KBW Nasdaq Bank Index fell 4.85%, its largest one-day drop since last April's tariff turmoil. The country's largest lenders tend to be a proxy for investors' beliefs about the economy.Payments company Block's decision to lay off 40% of its staff thanks to AI gains further fueled the belief that technological advancements could lead to broad job losses. That came on the heels of a report earlier this week that had investors worried about dramatic economic and job market implications of AI."You came in with a relatively optimistic outlook for the
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