Bessent and Powell send Wall Street’s biggest banks a warning

The most powerful names in U.S. economic policy called the heads of the biggest banks to Washington this week. The subject was not interest rates or the Iran war. It was artificial intelligence.

Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell summoned Wall Street leaders to an urgent meeting at Treasury headquarters on April 8, over concerns that Anthropic's latest AI model will usher in an era of greater cyber risk.

The goal was to make sure banks are aware of possible future risks and are taking precautions to defend their systems, according to people familiar with the matter who asked not to be identified.

Who was in the room during the White House bank leader AI meeting

The meeting brought together the CEOs of the largest systemically important U.S. banks. Citigroup's Jane Fraser, Morgan Stanley's Ted Pick, Bank of America's Brian Moynihan, Wells Fargo's Charlie Scharf, and Goldman Sachs' David Solomon all attended, according to Sherwood News.

JPMorgan's Jamie Dimon did not attend. JPMorgan is a participant in Project Glasswing, Anthropic's initiative to give select firms early access to Mythos for defensive purposes.

Treasury, the Fed, Anthropic, and the banks all declined to comment.

How Anthropic's Mythos model uncovers banking security risks

The concerns for U.S. banks center on Anthropic's Mythos model, which the company itself has described in striking terms.

"AI models have reached a level of coding capability where they can surpass all but the most skilled humans at finding and exploiting software vulnerabilities," Anthropic warned, adding that it has "found thousands of high-severity vulnerabilities, including some in every major operating system and web browser."

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The model can rapidly spot software flaws and craft sophisticated exploits, raising fears of systemic risks in the banking system, CoinDesk reported. Its ability to uncover and weaponize zero-day vulnerabilities has drawn particular concern from cybersecurity experts.

Anthropic consulted with U.S. officials ahead of Mythos' release regarding both its defensive and offensive cyber capabilities. Defense Secretary Pete Hegseth also met separately with Anthropic CEO Dario Amodei at the Pentagon on the same day as the Treasury gathering.

Anthropic's Project Glasswing helps companies tighten cybersecurity

The day after the meeting, Anthropic revealed it was releasing a version of Mythos to a select group of companies under an initiative called Project Glasswing. Participants include Amazon, Apple, and JPMorgan. The idea is that these firms will get a head start on strengthening their defenses before the model becomes more widely available or similar tools emerge from other developers.

Anthropic is not alone in taking this cautious approach. OpenAI is also reportedly concerned that an upcoming cybersecurity tool it has developed is too dangerous to release publicly, and has similarly restricted access to a small group of partners.

Key facts about the Treasury meeting:

• Date: April 8, 2026, at Treasury headquarters in Washington
• Convened by: Treasury Secretary Scott Bessent and Fed Chair Jerome Powell
• Attendees: CEOs of Citi, Morgan Stanley, Bank of America, Wells Fargo, and Goldman Sachs
• Notable absence: JPMorgan's Jamie Dimon
• Topic: Cybersecurity risks from Anthropic's Mythos AI model
• Comments: All parties declined to comment

What this AI, cybersecurity focus means for financial sector

The White House meeting signals that policymakers now view AI-driven cyber risk as a financial stability concern, not just a technology problem. When a Treasury Secretary and Fed Chair call in the heads of systemically important banks, the message is clear: prepare now.

For banks, that means stress-testing systems, reviewing access controls, and upgrading detection tools. Financial firms have long invested heavily in cybersecurity. But if AI lowers the barrier for attackers, existing defenses may not be enough.

For investors, the implications run in two directions. A serious cyber disruption at a major bank or clearing firm could shake market confidence and trigger significant compliance costs. If regulators conclude that AI is increasing systemic risk, financial firms could also face tighter standards and higher operating costs.

The Anthropic situation adds a dimension that rarely gets attention in the AI boom narrative. The same capabilities driving productivity gains can be turned against the systems they are meant to serve. Bessent and Powell's decision to summon Wall Street's biggest names suggests they believe that risk is no longer hypothetical.

Related: Peter Schiff has a warning that Wall Street is ignoring