UBS says it does not permit the use of external AI models for client transactions

UBS will not allow the use of external AI models to execute actions on behalf of clients, CEO Sergio Ermotti said on Tuesday.

Concerns that sophisticated AI agents could harm the financial system have risen within the banking industry. Major US banks have been blocking third-party AI agents’ access to customer accounts, people familiar with the matter have said.

“You heard recently some banks are being exposed to potential misbehaviors of models in managing clients’ accounts and shifting deposits and optimizing deposits,” Ermotti told a science conference. “We are not allowing models to enter into the bank and do that.”