Apollo Economist Warns AI Agents Could Trigger Bank Runs

Apollo Chief Economist Torsten Sløk warned that AI agents, such as Meta's Muse, could potentially trigger a new type of bank run by automatically shifting household cash from low-interest checking accounts to high-yield fintech accounts. By optimizing returns, these agents could strip banks of the cheap deposits they rely on for lending, posing a significant risk to the broader financial system. While current agents like Muse can view financial data via Plaid, they do not yet move money, but Sløk suggests this capability could emerge as adoption scales.