GoKawiilWall Street debates whether AI shopping agents threaten bank deposits
Banking analyst Gerard Cassidy of RBC Capital Markets says consumers overwhelmingly reject letting AI agents move their money autonomously, even as fears grow that such agents could still erode bank profits by comparison-shopping for better rates. Bank stocks including Bank of America, Wells Fargo, JPMorgan Chase and Charles Schwab have fallen sharply since Meta launched its Muse personal agent on September 8, though AI agents currently cannot independently transfer deposits between banks.