Link: https://futurism.com/artificial-intelligence/banks-preparing-ai-financial-catastrophe

As chief economist at the Apollo wealth management firm Torsten Slok explained in a late September brief, AI agents operating under instructions to “optimize the return” on their users’ money could mean banks “lose a large share of the cheap deposits they rely on to make loans, which would be a problem for the entire financial system.”

As skeevy as that admission is, there’s plenty of truth in the fact that our for-profit banking system is simply not designed to handle that volume of consumer-friendly optimization. A casino whose slot machines paid out to every player wouldn’t stay in business very long, after all.

Other finance gurus have pointed to the fact that AI agents might simply go haywire, regardless of what they’ve been instructed to do.

“You’re assuming they’re going to act properly on your behalf and they may not,” JPMorgan CEO Jamie Dimon told a room full of economists and financial experts in Chicago earlier this month. “You can’t stop it. You just have to, like, manage the hell out of it.”