Jamie Dimon says banks wary of outside AI: "You don't want rogue agents"

JPMorgan Chase CEO Jamie Dimon, on an Oct. 13 earnings call, addressed why his bank and peers are wary of letting outside artificial-intelligence software operate within customer accounts. Several large U.S. lenders, including JPMorgan, Bank of America, Morgan Stanley, Citigroup, Wells Fargo and Charles Schwab, are blocking or limiting outside AI assistants from entering accounts and carrying out transactions. Security teams have seen such tools use customers’ login details to reach portals and call centers, and a report by Axios, citing people familiar, said some tried to act beyond users’ directions. Executives point to operational and liability exposure. Banks are revising service terms and access rules, while some brokerages favor read-only permissions. The industry is also weighing whether automated fund transfers could drain deposits toward higher-yield accounts. Regulators and standards groups are watching as they consider verification rules for software acting for customers.