Bank stocks crashed by $22 billion after AI access scare

Banking giants JPMorgan, Morgan Stanley, Wells Fargo, Citi, and Bank of America lost a combined $22.8 billion in market value, just hours after Axios broke the news about bank customers handing over account access to AI bots — a violation of most banks’ terms of service. JPMorgan alone lost over $7 billion by the open of trading yesterday, and Wells Fargo wasn’t far behind at $4 billion. Read more: OpenAI tool used to create voice bot that can drain crypto wallets Unfortunately, customers have started handing their passwords and other login credentials to AI. Even though most banks forbid this, investors were nonetheless spooked by bots attempting to initiate real cash transfers.

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