Finance

Major financial firms move to block access by personal AI agents, citing deposit flight risk

Citigroup and Bank of America have blocked AI agents from accessing customer accounts, the Financial Times reported, citing concerns that bots could shift funds to seek higher returns and drain deposits. Citigroup said it does not allow third-party AI agents to log in or trade directly on its platforms. Bank of America CEO Brian Moynihan signalled limits will remain until responsibility for AI-approved payments is clarified.

Finance

Samsung Securities family office tops 200 families, 55 trillion won in assets

Samsung Securities said on Tuesday its family office for ultra-high-net-worth clients had surpassed 200 families and 55 trillion won in client assets as of early September. The service targets clients with at least 100 billion won in financial assets and offers integrated management covering investment, tax and succession. The company said inflows of exit owners rose, and it is expanding investment management, committee advisory teams, OCIO mandates and heritage solutions, while linking investment banking services for corporate clients.