Apollo's Sløk: Is an 'agentic bank run' coming?
Source: Yahoo Finance ·
Apollo chief economist Torsten Sløk is looking ahead to when AI agents such as Meta's Muse are empowered to make common-sense money moves.
From the source
Apollo chief economist Torsten Sløk is looking ahead to when AI agents such as Meta's Muse ( META ) are empowered to make common-sense money moves, such as moving your cash from a checking account to a high-yield savings account. (Disclosure: Yahoo is a portfolio company of funds managed by affiliates of Apollo Global Management.) "If every household used AI agents to optimize the return on their cash balances," Sløk noted on Sunday , "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." As Yahoo Finance's David Hollerith recently detailed , Wall Street is already aware that AI agents could help customers get a better deal on their cash. "We see deposit sorting — frictionless movement of excess liquidity to higher-yielding alternatives — as a real threat to industry net interest margins," Bank of America analyst Ebrahim Poonawala wrote in a Thursday note to clients. Read more: The best high-yield…