The Bank of England warned that artificial intelligence poses escalating risks to the stability of markets. Even as it moves to ease bank leverage rules, UK regulators described the rush to adopt AI in finance as an "arms race".
The ECB ordered banks to draft emergency plans for technology failures. Separately, Hometown Financial agreed to purchase Primary Bank and switch it to a publicly traded model. Regulators flagged growing credit concerns at the troubled lender, which may face receivership. Revolut applied for a American license and permission to issue digital currency as European digital banks encounter difficulty in the U.S. financial sector.