Wall Street’s AI party is an exclusive affair

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

NEW YORK, Sept 15 (Reuters Breakingviews) - Bank of America’s warning that fees will fall 10% rattled investors expecting a boom. Yet M&A is increasingly dominated by a handful of mega-deals as once-dependable buyouts stutter, while there are few true chatbot champions. The gap between haves and have-nots is widening.

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Bank of America CEO Brian Moynihan, speaking at the Barclays Financial Services conference on September 14, said third-quarter investment-banking fees are likely to fall more than 10% from a year earlier. The company's shares closed nearly 5% lower on the day.