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Stock impact report

Analysis-Old meets new economy: AI boom to supercharge European banks' rally [Yahoo! Finance]

Goldman Sachs Group, Inc. (The) (GS) 
Last goldman sachs group, inc. (the) earnings: 4/15 07:30 am Check Earnings Report
US:NYSE Investor Relations: goldmansachs.com/investor-relations
Company Research Source: Yahoo! Finance
As fears of a recession and interest rate cuts from the European Central Bank have subsided, investors have turned ?even more positive towards European banks, revising up their expectations for the sector, despite a complicated backdrop. Meanwhile, AI has emerged as a new force drawing investors to ?European lenders' shares, partly because a dearth of technology companies in the region has forced many to hunt for AI beneficiaries in old-economy markets. Banks have started to use AI to improve operational efficiency and fraud detection, as ?well as to reduce staff costs. "European banks could be a real beneficiary of AI," said Helen Jewell, chief investment officer for fundamental equities at BlackRock, the world's largest asset manager, with about $12 trillion under management. "A lot of the AI story has been focused on the revenue winners, but we also know that when it comes to AI, there is a beneficiary from the cost winners," she said at a press event. UBS said in a note Show less Read more
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