Charles Schwab

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   Schwab, JPMorgan, Citi, BofA block AI agents from moving client money

   Charles Schwab CEO Rick Wurster told Bloomberg Television that the brokerage blocks outside AI agents, including Meta's Muse, from moving client money, arguing that once a customer hands over a password neither side can control the agent and liability is unclear. Schwab will instead let outside models read balances and do research through controlled MCP servers, without moving money, and steer customers to its own assistant Charley, announced 30 September; Wurster said big agents are blocked in the tens and twenties each week. JPMorgan's Jamie Dimon said the bank will not let outside agents act inside its systems, the Financial Times reported Citigroup bars third-party agents from logging in or transacting on its platform, and Bank of America's Brian Moynihan wants human sign-off before money leaves an account. Apollo's Torsten Slok warns agents could sweep cash from 0.1%-yield checking into 3.3%–5% accounts; JPMorgan, Bank of America and Wells Fargo hold about $1.6 trillion of non-interest-bearing deposits, 16% of their liabilities.

   Bloomberg Technology · 🔥 50

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