Source: International Business Times
JPMorgan CEO said the company has "discrete areas where we did reduce jobs by 30% or 40%" as a result of increased AI use. Getty Images JPMorgan reported record profits in the second quarter, buoyed by different areas of the business, particularly banking fees from large IPOs. Reuters detailed that revenue rose in all business unit, with investment banking soaring as a result of the bank underwriting the IPO of Elon Musk's SpaceX.
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