The Bank of England warned that artificial intelligence poses escalating risks to the stability of markets. Even as it moves to ease capital requirements, British authorities described the rush to adopt AI in finance as an uncontrolled competition.
The ECB ordered banks to draft contingency measures for technology failures. Separately, the acquiring firm agreed to take over the New Hampshire lender and switch it to a stock structure. Regulators flagged growing credit concerns at Small Business Bank, which may face receivership. Revolut sought a U.S. banking charter and permission to issue digital currency as fintech firms struggle in the American market.