JPMorgan CEO Jamie Dimon warned that if AI agents can make payments, customers must hand over their bank codes, putting the agents inside the bank with no assurance they will act in customers' interests. He said such agents could behave in "treacherous" ways for banks, citing Meta's consumer agent Muse, launched in September. Dimon likened AI to a tsunami moving far faster than the Industrial Revolution and said AI tools are surfacing hundreds of significant vulnerabilities in open-source code that leave industries "completely unprotected" against criminals. The Federal Reserve, OCC and FDIC are questioning lenders about advanced AI systems and safeguards, while the Bank of England and ECB are pressing banks to improve recovery plans for AI-related disruptions. Dimon also predicted AI could help treat diseases such as cancer, cut road deaths by as much as 80%, and let people work as little as 3.5 days a week within 30 years.
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Speaking at the Economic Club of Chicago, JPMorgan Chase CEO Jamie Dimon warned that if AI agents are allowed to make payments, customers would have to hand over their bank codes, putting the agents 'in your bank' without assurance they will act properly. He said this could be 'treacherous' for the bank and, on the earnings call, warned of possibly thousands of rogue agents, pointing to consumer agents such as Muse from Meta Platforms. Dimon described AI as a 'tsunami' moving far faster than the Industrial Revolution that must be managed, while JPMorgan has used AI since 2012 and is piloting its Smart Cash tool. He said AI tools are surfacing hundreds of significant open-source code vulnerabilities, leaving industries 'completely unprotected,' and that US regulators are questioning lenders about AI safeguards. Still, Dimon predicted AI could help treat cancer and cut road deaths by as much as 80%.
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JPMorgan Chase CEO Jamie Dimon warned that AI agents allowed to make payments for customers would need their bank codes, effectively placing them “in your bank” with no assurance they would act in customers' interests. He cited Meta Platforms' consumer agent Muse, launched in September to handle emails, travel bookings and calendars, and said such agents could act in “treacherous” ways for the bank; on Tuesday's third-quarter earnings call he warned of possibly thousands of rogue agents. JPMorgan is still rolling out its own AI, with CFO Jeremy Barnum saying the Smart Cash tool is in early pilot; Dimon likened AI to the Industrial Revolution but moving far faster, “more like a tsunami,” that must be managed. He said AI tools are surfacing hundreds of significant vulnerabilities in open-source code, leaving industries “completely unprotected” against state actors, terrorists and criminals. Dimon also predicted AI could help treat diseases such as cancer, cut road deaths by as much as 80%, and let people work as little as 3.5 days a week within 30 years.
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