Bank of America CEO Brian Moynihan announced at the World Economic Forum that the bank expects substantial investments in artificial intelligence (AI) to drive significant returns starting in 2026.
- The bank has allocated $4.5 billion specifically to AI initiatives, representing a significant portion of its $14 billion technology budget.
- Existing AI tools, such as the virtual assistant Erica, are already serving 20 million customers and yielding tangible returns and improved efficiency.
- BAC stock is trading lower by 1.48% today.