Goldman Sachs posted its second-highest quarterly net revenue ever, $18.68 billion, while JPMorgan Chase and Bank of America missed expectations. Goldman's earnings per share were $17.01, against expectations of $13.02, driven by a 72% surge in equities revenue. JPMorgan reported $50.17 billion in revenue, below the $51.22 billion expected, and earnings per share of $5.57 versus $5.90. It missed on both for the first time in nearly three years, as fixed-income trading fell 4% to $5.4 billion and costs rose 12%. Bank of America's profit fell 17% to $6.93 billion, ending a six-quarter beat streak. Regulators had announced a $1.2 billion penalty against it a day earlier. Wells Fargo missed on revenue, at $21.87 billion against $22.31 billion expected. Morgan Stanley and Citigroup beat estimates. Bank chiefs said the US consumer remains resilient, though some analysts worry about credit as interest rates rise.

A Bank of America (BofA) survey of 117 advertisers and agencies suggests ChatGPT is starting to compete with Google for future ad budgets. In the poll, 26% named ChatGPT as the platform likely to gain the most ad spending over the next 12 months, ahead of Google Search at 19% and YouTube at 11%. Google still leads on current spending. Search was picked by 30% as the platform with the biggest rise in spend, and 33% said it was where AI was lifting ad returns fastest. Alphabet's Google Search and other revenue rose 17% to $63.27 billion in the second quarter. OpenAI said ChatGPT Ads passed $1 billion in annualised revenue run rate less than 200 days after launch. In the survey, 28% of respondents already advertise on ChatGPT, and 43% plan to start within 12 months.

Bank of America has hired 1,000 contractors to help patch software flaws exposed by advanced AI models, including Anthropic's Mythos, chief executive officer Brian Moynihan told CNBC on Wednesday. The contractors work alongside 3,000 internal staff and have been in place since the second quarter. The bank spent a "couple hundred million plus" in the third quarter on software fixes and anti-money laundering compliance. Moynihan expects remediation costs to fall over time. "Once you patch, you don't have to patch as much," he said. Shares slumped as much as 8% on Wednesday. AI is also cutting costs. Savings from the bank's 130 internal AI projects are expected to rise from $300 million this year to $700 million in 2027.