Weekly Bank Update Get access to leading U.S. Bank stocks with the Solactive MicroSectors U.S. Big Banks Index. DIMON RECRUITS 40-PLUS COMPANIES ON AI RISK $JPM CEO Jamie Dimon is personally calling CEOs at large and regional banks and IT firms to join a U.S. industry group on AI risk, expanding the Alliance for Critical Infrastructure that JPMorgan helped found. The outreach began in July and now spans more than 40 companies across financial services, energy, water, utilities, telecom, airlines and rail. The goal is a shared view of how AI is being used, what it puts at risk and what safeguards are needed, developed alongside the administration. FOUR BIG BANKS BUILD A SHARED TOKENIZED DEPOSIT NETWORK $JPM, $C , $BAC and $WFC are building a shared tokenized deposit network through The Clearing House, targeting a launch in the first half of 2027 that would let corporate clients move tokenized deposits between participating banks around the clock. Wells Fargo, which manages more than $2 trillion in assets, said it will begin offering tokenized deposits to corporate clients this fall. JPMorgan's Kinexys platform already handles billions in daily institutional volume across intraday repo, cross-border payments and FX settlement. SURPRISE JOB LOSSES RESET THE RATE PATH US payrolls fell 23,000 in July against a consensus forecast of a gain near 83,000, with the 12-month average down to 34,000 after revisions and labor force participation at 61.4%, its lowest in more than five years. Unemployment ticked down to 4.1%. Treasury yields fell on the print and traders cut the odds of a September Fed hike to roughly 42%, with a hike by October still above 57%. Equities took the weakness as a green light, and the S&P 500 closed at a record.