Science & Tech · AI · 4 hrs ago
Schwab and JPMorgan Block AI Agents From Moving Client Money
Charles Schwab is blocking Meta’s Muse AI from moving money in clients’ accounts.
CEO Rick Wurster said the firm cannot control what an outside agent might do, and questioned who would be liable if something went wrong.
Schwab detects and rejects these agents tens of times a week, and the number has not reached hundreds.
JPMorgan Chase also bars outside agents for retail clients, with CEO Jamie Dimon citing risks to customers and the bank.
Schwab’s own assistant, Charley, is limited at launch to administrative and information tasks, not trading.
The firm is preparing to let outside AI tools use controlled connections to check balances and research, but they will not be allowed to move money.
Wurster said AI could help with stock research and trading processes, but letting it make decisions without human approval goes too far.
Charles Schwab and JPMorgan Chase are blocking external AI agents from moving or managing client money.
Schwab CEO Rick Wurster said the firm rejects detected agents because it cannot control their actions and sees risks to clients and the firm.
JPMorgan CEO Jamie Dimon said the bank does not allow outside agents because they pose risks to clients and the bank.
Schwab may allow external AI tools to view account balances and conduct research through controlled connections, but not to move money.
Schwab said its in-house assistant, Charley, will initially handle administrative and informational tasks, not trading.
- Who
- Charles Schwab and JPMorgan Chase are blocking AI agents from taking financial actions for clients.
- What
- The banks are restricting external AI agents from moving or managing client money.
- When
- Schwab’s CEO discussed the policy on Friday; JPMorgan’s CEO spoke earlier that week.
- Where
- At Charles Schwab and JPMorgan Chase, U.S. financial firms.
- Why
- The banks say outside agents pose risks because their actions may not be adequately controlled.
This story does not have two clearly opposing sides.
Schwab unveiled its in-house AI assistant, Charley.
JPMorgan CEO Jamie Dimon told investors the bank bars outside AI agents based on risk.
Schwab CEO Rick Wurster said the firm was blocking AI agents from moving money.
- Firms
- Charles Schwab and JPMorgan Chase
- Schwab CEO
- Rick Wurster
- JPMorgan CEO
- Jamie Dimon
- Schwab agent restrictions
- External AI tools may view account balances and conduct research through controlled connections, but cannot move money
- Charley
- Schwab’s in-house AI assistant, initially limited to administrative and informational tasks
What people are saying
For the protection of the client and for the protection of us, we’re not allowing it.
We’re not going to allow them to move money, but if they want to come in and see their account balances and do research, they will be able to do that through their LLMs.
We’re not going to allow just any… outside agent to come in inside the company, because it’s just too risky for clients and for JPMorgan.