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AI & Enterprise

U.S. big banks alarmed by AI agents entering customer accounts

Major U.S. banks are detecting unauthorised external AI agents operating inside customer accounts, Axios reported. Some agents appeared to try to act independently of user instructions. Morgan Stanley, Bank of America, JPMorgan and Wells Fargo are moving to block or restrict agent access, with some banks already aware of unauthorised entry, sources said. Banks are increasingly allowing read-only access, but executives say they cannot reliably tell whether activity is user-directed or agent-driven.

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

Wall Street banks extend strong results run despite U.S. inflation up 3.7 percent

U.S. inflation is accelerating again, but major banks’ third-quarter results did not show clear signs of weakening consumption or deteriorating credit quality. Consumer spending and loan demand remained relatively resilient despite rising household burdens from higher prices. Citigroup, Wells Fargo and JPMorgan Chase posted solid consumer finance trends. Citigroup’s wealth client balances rose, while Wells Fargo benefited from credit card and auto lending. JPMorgan reported higher profit and steady net charge-offs, while provisions fell year on year.