Q3 earnings roundup: Tech spend jumps, headcount falls
Some banks saw their efficiency ratio tick up alongside automation investment
Major U.S. banks invested in AI and automation while pulling back on headcount as cost reductions remained a priority during the third quarter. Bank of America, BNY Mellon, Citibank, Citizens Bank, Fifth Third, and JPMorgan Chase, all reported higher tech spend year over year. The $1.9 trillion BNY Mellon, for one, invested in automation and […]
