# Bank of America: AI strategy and technology vision

Source: https://www.bankingnewsai.com/banks/bank-of-america/ai-strategy
Last updated: Oct 16, 2026

*Part of the [Bank of America AI strategy profile](https://www.bankingnewsai.com/banks/bank-of-america).*

## What is Bank of America's AI strategy and technology vision?

Bank of America runs AI as a portfolio of measured projects inside a technology budget it puts at about $14 billion a year, more than $4.1 billion of it for new initiatives including AI, with about 60,000 technology employees. CEO Brian Moynihan told a Barclays conference on September 14, 2026 that about 140 implemented AI applications cost $400 million and generate $800 million of benefit, and that the AI expense budget will double in 2027. On the October 14, 2026 third-quarter call he said about 130 internal AI projects should lift savings from $300 million in 2026 to $700 million in 2027, each targeting a 2x to 3x return, while headcount fell by nearly 3,500 in a year. The same quarter showed the cost side of frontier AI: the bank added 1,000 contractors to 3,000 staff to patch flaws exposed by Anthropic's Mythos. Scale comes from reuse: Erica, launched in 2018, has passed 3.6 billion interactions, about 200,000 employees use general-purpose AI tools, and 19,000 developers use coding assistance. CTIO Hari Gopalkrishnan's stated test is client need first, with AI often rejected where deterministic rules do the job. ([Bank of America Newsroom](https://newsroom.bankofamerica.com/content/newsroom/company-overview/bank-of-america-fast-facts.html), [Banking Dive](https://www.bankingdive.com/news/bank-of-america-ai-spending-roi-headcount-moynihan/831159), [CNBC](https://www.cnbc.com/2026/10/14/anthropic-mythos-bank-of-america-hiring-cost.html), [The Register](https://www.theregister.com/security/2026/10/15/bank-of-america-had-to-bring-in-1000-contractors-to-patch-all-the-bugs-mythos-identified/5303275), [Investing.com](https://www.investing.com/news/transcripts/earnings-call-transcript-bank-of-america-q3-2026-misses-estimates-as-stock-falls-93CH-4949584), [Bank of America (SEC filings)](https://www.sec.gov/Archives/edgar/data/70858/000007085826000353/bac06302026ex992.htm), [Fortune](https://fortune.com/2026/10/02/bank-of-america-sp-global-why-ai-success-starts-governance-and-data), [Fortune](https://fortune.com/2026/10/01/ai-regulated-industries-bank-of-america-sp-global))

## What have Bank of America's executives said about AI strategy, and when?

In date order, from calls, conferences and interviews. Figures are as the cited source reports them.

| Date | Who | Venue | What was said | Sources |
| --- | --- | --- | --- | --- |
| August 20, 2025 | Hari Gopalkrishnan, new CTIO | Wall Street Journal interview | A $13 billion technology agenda with $4 billion for new capabilities; expect a steady stream of AI releases focused on high-value use cases | [The Wall Street Journal](https://www.wsj.com/articles/the-man-behind-bank-of-americas-13-billion-tech-agenda-3d770a2d) |
| November 5, 2025 | Moynihan and the CTIO | Investor day | 270 AI and machine-learning models in use; 18,000 developers on coding agents with a 20% productivity gain; fraud losses halved since 2018 through AI-enabled processes | [Banking Dive](https://bankingdive.com/news/bank-of-america-AI-agents-strategy-compliance/805254), [Banking Dive](https://www.bankingdive.com/news/bofa-investor-day-moynihan-growth-targets-succession-demare-athanasia-borthwick-ai-technology/804892/) |
| January 14, 2026 | Brian Moynihan, CEO | Q4 2025 earnings call | AI took 30% out of the coding stream, saving about 2,000 people's work; Microsoft 365 Copilot out to 200,000 teammates; direct AI spend 'several hundred million dollars' | [The Motley Fool (Yahoo Finance)](https://finance.yahoo.com/news/bofa-bac-q4-2025-earnings-183412441.html) |
| April 15, 2026 | Gopalkrishnan | Semafor World Economy | Four drivers: end-to-end process transformation, scale and reuse, governance, return on investment | [Banking Dive](https://bankingdive.com/news/bank-of-america-gopalkrishnan-ai-strategy/817544) |
| July 14, 2026 | Moynihan | Q2 2026 earnings call and deck | More than 400,000 prompts a day; more than 300 approved AI use cases 'all of which have good economics', 114 live generative-AI use cases, 34 fully deployed | [The Motley Fool (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/bank-america-bac-q2-2026-194711248.html), [Bank of America (SEC filings)](https://www.sec.gov/Archives/edgar/data/70858/000007085826000353/bac06302026ex992.htm) |
| September 14, 2026 | Moynihan | Barclays conference | About 140 AI applications implemented at a cost of $400 million, generating $800 million of benefit; AI expense budget to double next year; 'we're not laying off anybody' | [Banking Dive](https://www.bankingdive.com/news/bank-of-america-ai-spending-roi-headcount-moynihan/831159) |
| September 30, 2026 | Gopalkrishnan | Banking Dive interview | The 15th Technology Innovation Summit (October 7) is a way to scout partners in AI, data and infrastructure; about one-fifth of 7,000 past participants became vendors | [Banking Dive](https://www.bankingdive.com/news/bank-of-america-tech-summit-strategy-startups-partners-ai-gopalkrishnan/831672/) |
| October 1-2, 2026 | Gopalkrishnan | Fortune AIQ Summit | 'Start with the client need. Does AI actually answer the problem?'; projects reviewed across 16 risk dimensions; deterministic models often do the job | [Fortune](https://fortune.com/2026/10/02/bank-of-america-sp-global-why-ai-success-starts-governance-and-data), [Fortune](https://fortune.com/2026/10/01/ai-regulated-industries-bank-of-america-sp-global) |
| October 14, 2026 | Moynihan and CFO Alastair Borthwick | Q3 2026 earnings call and CNBC | About 130 internal AI projects; savings from $300 million in 2026 to $700 million in 2027; 1,000 contractors added for Mythos remediation; headcount down nearly 3,500 'as we automate processes' | [CNBC](https://www.cnbc.com/2026/10/14/anthropic-mythos-bank-of-america-hiring-cost.html), [Investing.com](https://www.investing.com/news/transcripts/earnings-call-transcript-bank-of-america-q3-2026-misses-estimates-as-stock-falls-93CH-4949584) |
| October 15, 2026 | Moynihan | Reported by The Verge | Working with the AI industry to argue for human payment authorization of agent transactions until agents' capabilities develop further | [The Verge](https://www.theverge.com/ai-artificial-intelligence/1011767/bank-of-america-wants-a-human-in-the-loop) |

## What figures has Bank of America given for its AI program?

The bank's own figures; scopes differ by source (applications, projects, use cases), so they are not added together.

| Metric | Value | As of | Source | Sources |
| --- | --- | --- | --- | --- |
| Technology spend | About $14 billion a year, more than $4.1 billion for new initiatives including AI | Retrieved October 2026 | Fast Facts | [Bank of America Newsroom](https://newsroom.bankofamerica.com/content/newsroom/company-overview/bank-of-america-fast-facts.html) |
| Technology workforce | About 60,000 employees | Retrieved October 2026 | Fast Facts | [Bank of America Newsroom](https://newsroom.bankofamerica.com/content/newsroom/company-overview/bank-of-america-fast-facts.html) |
| Implemented AI applications | About 140, costing $400 million and generating $800 million of benefit | September 14, 2026 | Moynihan | [Banking Dive](https://www.bankingdive.com/news/bank-of-america-ai-spending-roi-headcount-moynihan/831159) |
| AI project savings | $300 million in 2026 rising to $700 million in 2027, from about 130 internal projects | October 14, 2026 | Moynihan | [CNBC](https://www.cnbc.com/2026/10/14/anthropic-mythos-bank-of-america-hiring-cost.html) |
| Expected return per AI project | 2x to 3x over time; tech engineering workforce about 10% more efficient | October 14, 2026 | Moynihan, per The Register | [The Register](https://www.theregister.com/security/2026/10/15/bank-of-america-had-to-bring-in-1000-contractors-to-patch-all-the-bugs-mythos-identified/5303275) |
| Use cases | More than 30 fully deployed; a pipeline of more than 300 in development | Retrieved October 2026 | Fast Facts | [Bank of America Newsroom](https://newsroom.bankofamerica.com/content/newsroom/company-overview/bank-of-america-fast-facts.html) |
| Employees on general-purpose AI tools | About 200,000; more than 600,000 AI training courses completed | June 30, 2026 | Q2 2026 deck | [Bank of America (SEC filings)](https://www.sec.gov/Archives/edgar/data/70858/000007085826000353/bac06302026ex992.htm) |
| Developers on coding assistance | 19,000, efficiency gains over 20% | Retrieved October 2026 | Fast Facts | [Bank of America Newsroom](https://newsroom.bankofamerica.com/content/newsroom/company-overview/bank-of-america-fast-facts.html) |
| Headcount change | Down nearly 3,500 year over year, including about 5% fewer managers; AI's share not stated | October 14, 2026 | Borthwick; CNBC | [Investing.com](https://www.investing.com/news/transcripts/earnings-call-transcript-bank-of-america-q3-2026-misses-estimates-as-stock-falls-93CH-4949584), [CNBC](https://www.cnbc.com/2026/10/14/anthropic-mythos-bank-of-america-hiring-cost.html) |

## Who runs AI at Bank of America and what is not disclosed?

Hari Gopalkrishnan, chief technology and information officer since July 2025, leads AI-based services with Vice Chair Thong Nguyen, per Moynihan's memo; co-presidents Dean Athanasia and Jim DeMare carry 'the continued expansion of AI-based tools' in their brief. Kevin Milsom was named head of platforms AI transformation in July 2026. ([Banking Dive](https://www.bankingdive.com/news/bofa-taps-next-tech-chief-bhasin-gopalkrishnan-bank-of-america-cto-cio/756162/), [Bank of America (SEC filings)](https://www.sec.gov/Archives/edgar/data/70858/000007085825000350/exhibit991newsrelease-orga.htm), [Bloomberg](https://www.bloomberg.com/news/articles/2026-07-17/bofa-promotes-leaders-to-drive-adoption-of-crypto-ai-technology))

AI is pushed through the businesses rather than a separate unit: in Q3 2026 the bank said Erica, Zelle and AI-enabled tools serve consumer clients and staff, AI tools expand Merrill advisors' capacity, and in September it launched a generative-AI tool for commercial-banking prospecting and onboarding. ([Investing.com](https://www.investing.com/news/transcripts/earnings-call-transcript-bank-of-america-q3-2026-misses-estimates-as-stock-falls-93CH-4949584))

Not disclosed: an AI-only budget line (the CEO's 'several hundred million dollars' of direct spend is the nearest figure), the names of the proprietary model providers behind its orchestration layer, or how much of the year's headcount fall is due to AI. ([The Motley Fool (Yahoo Finance)](https://finance.yahoo.com/news/bofa-bac-q4-2025-earnings-183412441.html), [Fortune](https://fortune.com/2026/10/01/ai-regulated-industries-bank-of-america-sp-global), [CNBC](https://www.cnbc.com/2026/10/14/anthropic-mythos-bank-of-america-hiring-cost.html))

## What does the BofA profile record on this topic?

| Date | Move | Detail | Sources |
| --- | --- | --- | --- |
| Sep 23, 2026 | DeMare: coding is the clearest AI return | At a BofA Securities conference the co-president says about 20,000 developers use coding agents for a 15% to 20% gain, about 95% of staff have AI access, and the bank is assessing third-party providers; Gopalkrishnan says AI investment interest is more than twice last year's and spending will probably double. | [Banking Dive](https://www.bankingdive.com/news/bank-of-america-ai-spending-roi-headcount-moynihan/831159) |
| Sep 14, 2026 | Moynihan: AI budget to double in 2027 | At a Barclays conference, Moynihan says about 140 AI applications are implemented at a cost of $400 million, generating a benefit of $800 million, and that the bank expects to double its AI expense budget next year; headcount has eased from 213,000 to 209,000 through attrition, 'we're not laying off anybody'. | [Banking Dive](https://www.bankingdive.com/news/bank-of-america-ai-spending-roi-headcount-moynihan/831159) |
| Jul 15, 2026 | Q2 call: 400,000 prompts a day, 300+ use cases | Executives attribute revenue and efficiency improvements to AI; every approved use case has 'good economics'. | [American Banker](https://www.americanbanker.com/news/bank-of-americas-moynihan-touts-good-economics-of-ai) |
| Apr 15, 2026 | CTIO at Semafor: from proofs of concept to end-to-end process transformation | Gopalkrishnan names four drivers: end-to-end process change, scale and reuse, governance, and return on investment; the bank supports about 3,000 processes and filled 44% of jobs through internal mobility. | [Banking Dive](https://bankingdive.com/news/bank-of-america-gopalkrishnan-ai-strategy/817544) |
| Jan 14, 2026 | Q4 2025 call: coding 30% faster, Copilot for 200,000 | Moynihan says AI took 30% out of the coding stream for the bank's 18,000 coders, saving about 2,000 people, that Microsoft 365 Copilot is out to 200,000 teammates, and that direct AI spend is 'several hundred million dollars'. | [The Motley Fool (Yahoo Finance)](https://finance.yahoo.com/news/bofa-bac-q4-2025-earnings-183412441.html) |
| Nov 5, 2025 | Investor day: 270 models, fraud losses halved, 18,000 coders on agents | Moynihan says the bank runs 270 AI and machine-learning models; the CTIO reports 18,000 developers on coding agents and a 20% productivity gain; Holly O'Neill says AI-enabled processes cut fraud losses in half since 2018. Technology spend is about $100 billion over a decade, $4 billion a year on new initiatives and $1 billion on cybersecurity. | [Banking Dive](https://www.bankingdive.com/news/bofa-investor-day-moynihan-oneill-consumer-growth-ai-banking/804768/), [Banking Dive](https://www.bankingdive.com/news/bofa-investor-day-moynihan-growth-targets-succession-demare-athanasia-borthwick-ai-technology/804892/), [Banking Dive](https://bankingdive.com/news/bank-of-america-AI-agents-strategy-compliance/805254) |
| Sep 30, 2025 | CashPro gets a generative-AI assistant | The bank restates its four AI domains: intelligent agents, search and summarisation, content generation, operations and coding. | [Bank of America Newsroom](https://newsroom.bankofamerica.com/content/newsroom/press-releases/2025/09/bofa-s-new-genai-assistant-transforms-global-payments-solutions.html) |
| Sep 12, 2025 | Co-presidents named, AI tools in their brief | Dean Athanasia and Jim DeMare become co-presidents; the CEO lists 'the continued expansion of AI-based tools and innovation for our clients' among the company-wide efforts they will drive. | [Bank of America (SEC filings)](https://www.sec.gov/Archives/edgar/data/70858/000007085825000350/exhibit991newsrelease-orga.htm) |
| Aug 20, 2025 | $13 billion tech agenda, $4 billion for new capabilities | New CTIO Gopalkrishnan tells the Wall Street Journal to expect a steady stream of AI releases, doubling down on high-value use cases. | [The Wall Street Journal](https://www.wsj.com/articles/the-man-behind-bank-of-americas-13-billion-tech-agenda-3d770a2d) |

## Common questions

### How much is Bank of America spending on AI?

The bank does not publish an AI-only budget. It spends about $14 billion a year on technology, more than $4.1 billion of it on new initiatives including AI. In January 2026 Moynihan put direct AI spend at 'several hundred million dollars'; in September 2026 he said about 140 AI applications had cost $400 million and that the AI expense budget would double in 2027.

### What did Bank of America say about AI on its Q3 2026 call?

On October 14, 2026 Moynihan said about 130 internal AI projects should raise savings from $300 million in 2026 to $700 million in 2027, with each project expected to return 2x to 3x over time. He also said the bank added 1,000 contractors to 3,000 staff to patch software flaws exposed by Anthropic's Mythos.

### Is AI reducing jobs at Bank of America?

Headcount fell by nearly 3,500 in the year to Q3 2026, including about 5% fewer managers, which CFO Alastair Borthwick tied to automating processes and simplifying work; CNBC noted it is unclear how much is due to AI. In September 2026 Moynihan said 'we're not laying off anybody', with reductions coming through attrition.

### What is Bank of America's approach to choosing AI projects?

CTIO Hari Gopalkrishnan says to start with the client need and ask whether AI actually answers the problem, warning that rushing to AI is a common mistake when deterministic models do the job. Every project is reviewed across 16 risk dimensions, and the bank says each approved use case must have good economics.
## Deeper on BofA

- [What AI research, patents and partnerships does Bank of America have?](https://www.bankingnewsai.com/banks/bank-of-america/ai-research-patents-partnerships)
- [What is Erica, Bank of America's virtual assistant, and how big is it?](https://www.bankingnewsai.com/banks/bank-of-america/virtual-assistant)
- [What technology stack does Bank of America run its AI on?](https://www.bankingnewsai.com/banks/bank-of-america/technology-stack)
- [How does Bank of America govern responsible AI?](https://www.bankingnewsai.com/banks/bank-of-america/responsible-ai)


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