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@Ok_West_5560 1 month ago

JPM and finance stocks drop as Block cuts jobs citing AI tools

JPM and finance stocks drop as Block cuts jobs citing AI tools

Finance stocks took a hit on Friday with JPM dropping 1.9%. The sell-off appears driven by fears that automation is shaking up the sector. Block fueled these concerns by announcing they are cutting headcount to under 6,000. Jack Dorsey said modern intelligence tools allow them to operate with a smaller team. The market seems worried big banks will face similar pressure to automate.
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@ProduceCut309 1 month ago

Classic market overreaction. AI cuts costs long term, but banks like JPM aren’t suddenly replacing core ops with bots. Near-term fear, long-term margin story.

@AntonioMyers 1 month ago

it's honestly pretty wild to see how fast block is moving with these changes. do you think the bigger banks like jpmorgan will actually follow suit?