Apollo's economist said AI agents could one day start a bank run.
Apollo Global Management's chief economist called the scenario an "agentic bank run" in a note on Sunday.
CNBC and Bloomberg reported it on Monday.
In his scenario, assistants such as Meta's Muse could one day move household cash automatically from checking accounts paying a national average of 0.1% into accounts paying 3.3% to 5.0%, such as SoFi at 4.5%.
"If every household used AI agents to optimize the return on their cash balances, banks could lose a large share of the cheap deposits they rely on to make loans, which would be a problem for the entire financial system," he wrote.
Muse launched on 8 September and connects to US banks and other financial institutions through Plaid. It cannot move money by itself yet, and the note does not say a run is happening.
Banks rely on deposits as cheap, stable funding. An agent comparing rates every day could make that money much quicker to leave.
If an AI agent managed your company's cash, how long would it leave money at 0.1%?
Image: AI-generated.
Sources
Our file on Meta
- 6 Oct
Microsoft planned $1 billion for employees using Claude. Then it cut over a third.
- 1 Oct
Meta's research tax credit reached $3.9 billion. It counted parts of AI data centres.
- 1 Oct
Trump ordered federal agencies to rename AI. The new word is Super Intelligence.
- 30 Sept
Meta saw its $2 billion buyout blocked. Manus gave AI agents wallets.
- 29 Sept
Meta hired MongoDB's CEO on Monday. MongoDB's shares fell 19%.
For your next steering committee
- 1Ask which AI tools already touch your ERP or finance data, including the ones nobody approved.
- 2Ask what each tool is allowed to change, and who reviews what it changed.
- 3Ask how the result is measured, and who decides to switch a tool off.
Issue 01 of the ERP LEADERS brief puts a timeline, the three-number review and six questions on one page. Read issue 01
Welcome back. · Issue 01
