Brian Moynihan on AI implementation
From SpaceX Seeks to Raise $75 Billion in Biggest IPO Ever; Bank of America CEO Brian Moynihan |... · · Bloomberg Podcasts
“We have $70 billion expenses. I can see where people run into this but we have all 200,000 people have it to use. We want them to learn from it. There's that's just general usage. But the very specific applications like in the coding area and stuff. Yeah, that's costly but it's paying for itself and we're pretty confident of the business trade. We wouldn't do it unless we saw the business outcome we want. I.e. that the revenue or growth will exceed the cost we put in.”
On , Brian Moynihan, Chairman & CEO at Bank of America, spoke about AI implementation during SpaceX Seeks to Raise $75 Billion in Biggest IPO Ever; Bank of America CEO Brian Moynihan |... on Bloomberg Podcasts.
About Brian Moynihan
Brian Moynihan, chairman and CEO of Bank of America, has been discussing the bank's economic outlook, consumer spending, and investments in artificial intelligence. He stated that the U.S. economy is growing at 2% to 2.1% in 2026, and described consumer spending as resilient, noting that credit and debit card spending grew 5% in the first quarter of 2026 and entertainment spending was up 13% year-over-year in May. Moynihan acknowledged affordability issues related to housing and gas prices, and said he advises mayors to "build more housing" to address supply. He also said the bank's economists predict unemployment will remain around 4.3%. Moynihan addressed concerns about AI's impact on jobs, stating that Bank of America is hiring 4,000 campus recruits, including 2,000 interns and 2,000 permanent hires. He said the bank spent $350 million on AI-related spending in 2026, and that all 200,000 employees have access to AI tools. Moynihan described the bank's approach as ensuring "a human has to stay in the loop." He also discussed the bank's sponsorship of FIFA and its "Sports With Us" program, and announced a $2 million donation to Vet Tix to provide tickets for veterans and first responders. Reflecting on his 17-year tenure as CEO, Moynihan said his leadership approach is to "manage by process" and described his hoped-for legacy as "capitalism done right."