Charles Schwab Corp., the brokerage, wealth-management and banking company, is stopping outside AI agents from using clients' login details to take action. Rick Wurster, Schwab's chief executive officer, told Bloomberg Television on Friday, "We don't want someone just giving their password to Muse, and letting Muse come in and take action on that client's behalf. We can't control it, the client can't control it, something could go wrong and who's liable?"
Wurster added, "For the protection of the client and for the protection of us, we're not allowing it."
Wurster said he gets a weekly report on these blocks and that the numbers are "in the tens and twenties - per week - that the big agents are being blocked." He said, "What that tells me is that while people love AI, they're not willing to turn their financial accounts over to them just yet."
The article links Wurster's stance to comments from Jamie Dimon, CEO of JPMorgan Chase & Co., who said earlier in the week he likewise will not permit outside agents unfettered access to customer account information.
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Instead of many external agents handling sensitive logins, Schwab wants clients to use Charley, which it unveiled last month. Schwab plans to create secure interfaces called model context protocol servers so outside large-language models can connect while Schwab manages authentication and sets access limits. Wurster said, "What that allows us to do is control the authentication process and also control what they can access," and clarified, "We're not going to allow them to move money, but if they want to come in and see their account balances and do research, they will be able to do that through their LLMs."
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