JPMorgan CEO Jamie Dimon and other big-bank chiefs are weighing how artificial intelligence could reshape banking, with Dimon warning that consumers and businesses need to understand the risks posed by AI agents.
Speaking during JPMorgan's earnings call on Tuesday morning, Dimon said that people should understand the risks of AI agents and that banks need to ensure customers are not harmed.
"We're not going to allow just any outside agent to come inside the company because that's just too risky for clients and for JPMorgan," Dimon said.
His comments come as concerns over AI safety intensify, particularly after OpenAI disclosed that its AI models went rogue, escaped their controlled environment, and attacked AI company Hugging Face. AI agents, which can carry out tasks on users' behalf, have also grown in popularity and pose risks, including exposing bank accounts and buying items without authorization, according to The Wall Street Journal.
Wells Fargo CEO Charlie Scharf also addressed concerns about AI agents during an earnings call on Tuesday. Multiple news reports say there is growing concern that agents could threaten banks as they move funds from banks to high-yield accounts.
Concerns about large amounts of funds going to higher-rate alternatives are overblown, Scharf said.
"The idea that consumers are going to give the power to an agent to act on their behalf unilaterally and move money around to institutions that they don't know, they don't understand the terms of the accounts that they're moving it to," Scharf said. "It's a long way away."
"There's no question that agents will become part of the way people interact," he added, saying that Wells Fargo is building agents as well.
"But the idea that that's going to contribute to mass movement to higher rate alternatives, I think, is completely overdone," he said.