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Anthropic's powerful AI model, Claude Mythos, capable of finding software vulnerabilities, has prompted a global financial sector scramble. Banks, regulators, and central bankers are urgently assessing risks and accelerating cybersecurity investments. Project Glasswing offers controlled access for defensive security work, highlighting the evolving threat landscape.

Canadian financial leaders and regulators convened to address cybersecurity risks posed by Anthropic's new AI model, Mythos. The dual-use technology, capable of both detecting and exploiting software vulnerabilities, has raised concerns about its potential weaponization by malicious actors. This follows a similar discussion among U.S. financial authorities.

US officials, including VP Vance and Treasury Secretary Bessent, held a private call with tech giants like Google, Microsoft, and OpenAI to discuss security concerns surrounding Anthropic's powerful new AI model, Mythos. The model's potential to expose cybersecurity vulnerabilities and shift the attack-defense balance prompted this urgent discussion, following a significant market sell-off attributed to AI's disruptive capabilities.

US Treasury Secretary and Federal Reserve Chair urgently met with top bank CEOs to discuss Anthropic's new AI model, Claude Mythos Preview. This powerful AI can find software vulnerabilities, raising cybersecurity concerns for the financial system. Anthropic launched Project Glasswing to proactively fix flaws before attackers exploit them.

A Tennessee woman spent months in jail after an AI facial recognition tool incorrectly identified her as a suspect in bank fraud cases in North Dakota. Fargo police admitted errors in their reliance on a partner agency's AI system, which has since been prohibited. The incident highlights concerns about the technology's use in investigations.

Even prior to the conflict, the rupee was facing downward pressure due to widening external imbalances and persistent capital outflows. The surge in oil prices has intensified these challenges for the world’s third-largest crude importer.

A standoff between Minnesota police and an alleged hostage-taker continued into the evening Thursday despite the release of four bank employees.

New Delhi, July 13 () Private sector Yes Bank has received another round of USD 150 million funding from US government and Wells Fargo to fund SME lending.

New Delhi, Jun 9 () Private sector player IndusInd Bank has raised USD 225 million (about Rs 1,445 crore) from a US government funding agency for lending to small and medium enterprises.

An Indian businessman has been sentenced to prison in California on charges he fraudulently tried to get H-1B work visas for workers from India to fill non-existent jobs in the US.

Wells Fargo CEO Charlie Scharf announced plans for workforce reductions next year, anticipating higher severance costs this quarter. He highlighted that even without AI, employee numbers are expected to decrease. The bank will gradually implement AI, which is projected to boost efficiency and lead to some job cuts, a move Scharf termed a 'positive reality'.

Wells Fargo, the fourth-largest bank in the US by assets, is banking on its recently opened Bangalore captive centre to de-risk its India operations. The company, at present, is heavily dependent on its Hyderabad centre.

Several US financial firms have been fined for being unable to produce records of conversations about company business conducted among employees. Regulators said the firms' employees used messaging apps like iMessage, WhatsApp, and Signal to discuss company business, erasing the conversations afterwards. The firms include Wells Fargo, which paid a combined $549m in fines, the most significant portion of which were for the bank's firms.

Wells Fargo India Solutions, an indirect subsidiary of the diversified financial services company Wells Fargo & Company, on Thursday said it had inaugurated its second facility in Hyderabad.

WELLSFARGO-ACCOUNTS/FUNDS (REPEAT):RPT-Wells Fargo fund business on the defensive amid sales scandal

WELLSFARGO-ACCOUNTS/FUNDS:Wells Fargo fund business on the defensive amid sales scandal

Despite a global banking crisis, several US lenders on Friday reported better-than-expected Q1 earnings, esceeding investor expectations.Banks like JPMorgan Chase, Wells Fargo, Citigroup and PNC Financial surpassed earnings expectations after the failures of smaller banks alarmed the sector.

Wells Fargo has been planning to trim over $1.7 billion every quarter by the end of 2012 and this offshoring plan will help it to attain this objective to some extent.

WELLS-FARGO-ACCOUNTS:Wells Fargo fires four executives amid probe into account scandal

WELLS-FARGO-ACCOUNTS:Wells Fargo fires four executives amid probe into sales practices

Even though the US is in the election mode and is under the anti-outsourcing Obama administration, the fourth largest lender there by assets, Wells Fargo has decided to move an unspecified number of jobs to India, as part of its plan to trim cost.

HSBC Holdings Plc may pay a fine of $1.8 billion as part of a settlement with US law-enforcement agencies over money-laundering lapses.