JPMorgan, Morgan Stanley, Wells Fargo, Citi and Bank of America lost a combined $22.8 billion in market value after Axios reported that customers were handing their credentials to AI-powered bots. JPMorgan lost more than $7 billion at the open, while Wells Fargo shed $4 billion. The bots attempted to initiate real cash transfers and, in some cases, appeared to act without a matching customer instruction, violating most banks’ terms of service. Wells Fargo blocked unauthorized agents and JPMorgan warned customers never to share their credentials, although the stocks retained some of their losses by the end of the trading day.
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