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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InCitigroup reported record quarterly revenue of $24.6 billion, driven by the integration of Artificial Intelligence (AI) to streamline operations and retire legacy systems. Joining this trend, Bank of America (BAC) also reported a record quarter as it further embeds AI into its business model. The bank recently launched a new AI tool specifically designed for its 18,000 financial advisors to enhance wealth management services. These developments signal a broader shift across major US banks toward leveraging advanced technology to reduce technical debt and improve efficiency. Analysts suggest that the successful deployment of AI tools is becoming a key differentiator for financial giants. This technological momentum is expected to continue impacting the performance of Citigroup and Bank of America stocks.