Schwab CEO says firm blocks Meta's Muse AI from client accounts

Charles Schwab CEO Rick Wurster said the brokerage is blocking Meta's Muse AI from moving money in client accounts, joining JPMorgan Chase in banning external AI agents from financial accounts, according to gizmodo.com. The remarks, made on October 16, 2026, mark the firm's public position on outside agents handling client funds.

Wurster said Schwab reports blocking AI agents in the tens per week, a number that has not reached the hundreds. JPMorgan Chase CEO Jamie Dimon said his bank bans external AI agents for retail clients based on risk.

Schwab is preparing to allow external LLM connections only through Model Context Protocol servers with controlled authentication. Under that setup, agents would see balances and perform research but would not be able to move money. Clients trading through LLMs and APIs can submit requests only through the firm's APIs and MCP servers.

Wurster encouraged clients to use Schwab's in-house AI assistant, Charley, which handles administrative and informational tasks but not trading. The bank declined to comment on Meta's Muse AI. Schwab unveiled Charley last month, in October 2025, as its internal assistant.

Meta's Muse AI and past privacy reports

In October 2025, Muse was reported to have a serious privacy issue in which it handed out a home address to a stranger. Meta has not commented on that report. Schwab's restrictions apply to external agents regardless of vendor, Wurster said.