Shares in Charles Schwab, Morgan Stanley and Raymond James sank on Tuesday, in the latest bout of selling triggered by investor concerns about the disruption AI start-ups will have on established companies.
The sell-off of several US financial services companies began in late-morning trading after fintech Altruist announced the launch of a tax-planning tool within its AI platform, Hazel.
Investors dumped shares in traditional financial services groups that would typically be sought out by clients for their advisers’ guidance on wealth management and tax strategies.
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