Bank of America committee members: Why are the big US banks blocking AI agents?

The big US banks, including Citigroup and Bank of America, are blocking artificial intelligence agents from operating in customer accounts, fearing that billions of dollars will flow out of deposits in favor of higher-interest savings. JPMorgan also announced similar restrictions. Concerns intensified after Meta launched its Muse assistant. Apollo's chief economist estimates the annual cost to banks could reach about $47 billion.

The big US banks, including Citigroup and Bank of America, are beginning to block artificial intelligence agents from operating in their customers' accounts. The central concern is that the technology will lead to billions of dollars flowing out of bank deposits in favor of higher-interest savings channels. Citigroup made clear it will not allow external AI agents to connect to accounts or carry out operations, and Bank of America is restricting access until liability procedures are formulated. JPMorgan CEO Jamie Dimon also announced similar restrictions, saying that uncontrolled agents are too dangerous. The concerns intensified following the launch of Meta's Muse assistant in September. Apollo's chief economist, Torsten Slok, warned that AI agents could move funds from zero-interest accounts to accounts with interest of 3.3%-5%. The three largest banks hold $1.6 trillion in non-interest-bearing deposits, and the cost of paying 3% interest on them would reach about $47 billion a year. Senior Wall Street figures approached regulators at the Federal Reserve, who support the banks' moves.