Wall Street Posts $47 Billion in Profits While AI Quietly Eliminates 15,000 Jobs
The pretense is officially over. For years, Wall Street executives delivered a comforting mantra: AI will enhance your work, not replace it. This week, as Q1 2026 earnings rolled in, that narrative crumbled in spectacular fashion. JPMorgan Chase, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley, and Wells Fargo collectively reported $47 billion in profits — up 18% year-over-year — while shedding approximately 15,000 employees. More money, fewer humans. The math is brutal and undeniable. ...