Banks are among the most enthusiastic adopters of AI, but also the most exposed to growing technology threats to cyber security. This vulnerability came into sharper focus earlier this month with the release of the Anthropogenic‘s Mythos Preview, a highly advanced AI model that has all of Wall Street worried. In earnings calls, JPMorgan Chase CEO, Jamie Dimon AND Goldman Sachs‘ David Solomon said they are testing Mythos to better understand the new risks that come with rapid advances in AI
“HE has made it worse, made it more difficult,” Dimon told analysts today (April 14). “While we’re trying to take advantage of AI, we’re also very aware of the risks.”
These risks are central to Mythos, which Anthropic describes as too dangerous to release publicly because of its ability to exploit vulnerabilities in critical software. Instead, the company has invited a consortium of large businesses, including JPMorgan, to test the model internally for use in strengthening their cybersecurity defenses.
The preliminary effort, called Project Glasswing, takes its name from glasswing butterflies, which use transparent wings to hide in plain sight — a metaphor Anthropic says reflects how hidden cyber vulnerabilities can avoid detection. The initiative, which also includes other Wall Street banks Apple, Google AND Nvidiawill be funded by $100 million in model use loans from Anthropic.
The release of advanced models like Mythos has created “additional vulnerabilities” beyond banks, Dimon said. “Banks, of course, are tied to exchanges and all these other things that create other layers of risk. It’s a complex problem.”
Dimon, who has led JPMorgan for two decades, stressed that cybersecurity remains a top priority for the nation’s largest bank by assets and market capitalization. “We spend a lot of money. We have top experts. We are in constant contact with the government.”
After the publication of Mythos, the US Secretary of the Treasury Scott Bessant and the Chairman of the Federal Reserve Jerome Powell gathered top Wall Street executives in Washington, DC last week to discuss the new threats posed by the model. While Dimon was it is said that he could not attendpeers including Bank of AmericaS ‘ Brian Moynihan, CitigroupS ‘ Jane Fraser, Morgan StanleyS ‘ Ted Pick AND Wells FargoS ‘ Charlie Sharp joined the meeting. Officials from foreign central banks, including the Bank of Canada and the Bank of England, are holding similar conferences with top financial leaders.
Solomon also participated in the gathering of the Treasury. Goldman Sachs, he said during his bank’s earnings call yesterday (April 13). “Obviously, LLMs are making rapid progress,” Solomon told analysts. “We are aware of the enhanced capabilities of these new models.”
Despite their caution, both Dimon and Solomon remain confident that AI will eventually transform the bank for good. JPMorgan has already applied AI to more than 500 use cases, while Goldman used it in coding and translation and earlier this year in partnership with Anthropic to incorporate his Claude model into all accounting and compliance.
“It’s not going to be a straight line whenever you have acceleration in new technology,” Solomon said. “There will be bumps, and there will be risk issues, and there will be recalibrations.”
