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During Q3 earnings calls, top bank executives addressed agentic AI. JPMorgan CEO Jamie Dimon said the bank is not for or against agents but will block outside agents due to risk, while using model routing to cut costs. Wells Fargo CEO Charlie Scharf said the bank is excited but disciplined about risk. Citi CEO Jane Fraser reported 30-40% faster product launches and 30% lower tech vendor spend year-over-year, with 14,000 engineers using the Devin coding tool. Morgan Stanley CEO Ted Pick called AI's power incontrovertible but stressed trust, and CFO Sharon Yeshaya said AI is changing team functions. Goldman Sachs CEO David Solomon said some AI aspects are unknown but innovation must continue with responsibility. Bank of America CEO Brian Moynihan said AI drives franchise growth and automation reduces hiring needs.
Mike Cagney, co-founder of SoFi and Figure, has raised $19 million in Series A funding for his new venture, Navra. The platform aims to solve blockchain's accessibility issue by providing a single interface for managing cryptocurrency portfolios, with qualified self-custody and enterprise controls. Navra, which Cagney prototyped in a week with the help of two AI agents, has a waitlist of about 30,000 people. The round was led by Ribbit Capital, Baseline, and DCM, with participation from Jump Crypto and Figure Technology Solutions. Cagney discusses lessons learned from SoFi and Figure and his vision for a leaner company.
Payward, the parent company of crypto exchange Kraken, has agreed to acquire Lithuania-based Saldo Bank and its Finnish holding company. The deal, expected to close in 2027, would give Payward an EU banking license, upgrading from its current electronic money institution license. This follows other licensing advancements, including a master account from the Federal Reserve Bank of Kansas City and an application for a national trust bank charter. The acquisition is expected to enable Payward to offer interest on deposits, lending products, and banking-as-a-service capabilities in Europe. Saldo Bank is licensed in Lithuania and passportable to Finland, Sweden, Germany, and the Netherlands.
The Office of the Comptroller of the Currency (OCC) published a 47-page follow-up report alleging that nine banks under its supervision, including JPMorgan Chase, Bank of America, Citi, Wells Fargo, U.S. Bank, PNC, Capital One, TD, and BMO, held policies or practices between 2020 and 2025 that may have influenced debanking based on customers' political or religious leanings. Comptroller Jonathan Gould said the report provides 'irrefutable evidence' of discrimination and emphasized further regulatory changes may be needed. Several banks responded, with JPMorgan stating its policies prohibit such discrimination and that it has improved its practices. The CFPB also announced it will investigate whether the institutions complied with federal consumer financial laws.
JPMorgan Chase livestreamed a fraud-focused panel to about 700 branches on Wednesday. The panel included Pat Opet, the bank's information security chief; Michelle Singletary, a Washington Post columnist; and Brett Leatherman, assistant director of the FBI's cyber division. They discussed how AI-enabled impersonation and money movement scams can be spotted and how individuals can strengthen their cyber defenses. Darius Kingsley, Chase's head of consumer fraud and scam prevention, moderated the panel from the bank's mid-Atlantic regional headquarters in Washington, D.C. Kingsley said scams are becoming more sophisticated with open-source AI models, and that younger people are increasingly falling victim. Impostor scams cost reported victims $3.5 billion in 2025, according to the FTC, while Gallup estimated the figure at $68 billion. Kingsley emphasized that fraud starts upstream and requires cross-industry collaboration.
The Treasury Department announced Tuesday that Bank of America will pay more than $1.21 billion in penalties for violating anti-money laundering and sanctions laws. The penalties include a $1.2 billion fine from FinCEN—the third-largest in Treasury history—and a $750 million civil penalty from the OCC, the largest in its 163-year history. The bank admitted to willful violations of the Bank Secrecy Act, including failures in its AML program, due diligence for correspondent accounts, and suspicious activity reporting for $5 billion in transactions. OFAC also announced an $11.6 million settlement over sanctions violations related to Iran, Russia, global terrorism, and narcotics. Bank of America CEO Brian Moynihan said the bank is committed to resolving the issues.
President Donald Trump has established a three-person 'committee of inquiry' to investigate mortgage fraud allegations against Federal Reserve Governor Lisa Cook, the White House announced Friday. The move follows a Supreme Court ruling in June that Cook did not receive due process when Trump attempted to fire her in 2025. The committee, composed of Trump nominees Kevin Hassett, Keith Sonderling, and Andrea Lucas, will hold a closed hearing on Nov. 5 where Cook can present her case. Cook's attorneys have expressed doubts about the legitimacy of the hearing, while Senate Democrats criticize it as an illegitimate show trial. The timing of the hearing, after the midterm elections, and the recent hiring of economist Judy Shelton at the Treasury Department, suggest political calculations. The committee will recommend to Trump whether he has cause to remove Cook after Nov. 10.
During JPMorgan's third-quarter earnings call, CEO Jamie Dimon warned customers that using AI agents to access bank accounts entails a liability transfer and risks from rogue agents. He said the bank is building tools to protect customers and will not allow just any outside agent inside the company. CFO Jeremy Barnum noted JPMorgan's AI-powered Smart Cash tool is in pilot and discussed AI spending and productivity benefits, which are not yet visible in quarterly earnings.
Fintech entrepreneurs are using stablecoins to break into the payments industry, with startups such as MassPay and Rain forging new pathways that incorporate or bypass traditional rails. While legacy players like Visa and Fiserv also embrace the trend, their infrastructure may hinder adaptation. Investors like Verda Ventures see stablecoins as enabling easy, fast, and cheap payments. Rain, which has raised about $338 million, provides stablecoin infrastructure and recently launched a consumer wallet, while MassPay processes tens of billions annually, with about 10% in stablecoins. The Genius Act has provided regulatory clarity, boosting confidence. Both companies continue to expand through acquisitions and new services.
Upgrade has applied for an industrial loan company charter with the FDIC and the Nevada Financial Institutions Division. The fintech plans to establish Upgrade Bank, with Virginia Varela as proposed CEO. Varela, a former regulator and SoFi executive, brings over 40 years of banking experience. Upgrade, which has delivered about $53 billion in credit to roughly 8.5 million customers, currently partners with Cross River and Celtic Bank. An ILC charter would reduce that dependence. The application comes amid a surge in new charter applications, but some lawmakers and the ICBA oppose ILC charters, citing regulatory gaps.