JPMorgan Falls 3.3% as AI-Agent Fears Spread to Banks
On Tuesday, AI hit the banks. JPMorgan fell 3.3%, its worst day since February. Bank of America and Citigroup each lost 2%.
Brokers fell harder. Charles Schwab and LPL Financial dropped more than 5%. The S&P 500 financials sector closed down 1.9%.
The trigger was Muse, Meta's personal AI agent. The question investors are asking: if an agent decides where a customer keeps cash and which stocks to buy, what is left for the bank and the broker?
The market did not read Muse as a Meta product.
It read it as a new door to the banks' customers.
The same news worked the other way elsewhere. Muse can now browse Shopify stores and check out through Shop Pay.
Shopify rose 7% to $148.01. Meta slipped 0.53%, as investors weighed handing checkout economics to a partner.
