Bank of America enlisted external contractors to address software security gaps exposed by frontier artificial intelligence systems, according to comments made by CEO Brian Moynihan following the bank’s third-quarter earnings announcement. The financial institution engaged approximately 1,000 outside personnel to assist with patching efforts during the second quarter, supplementing an existing team of 3,000 employees dedicated to such work.
Moynihan characterized the security risk posed by advanced AI capabilities as significant, prompting the company to undertake rapid remediation across its internal systems and vendor relationships earlier this year. The bank allocated expenditures in the range of several hundred million dollars toward software remediation and regulatory compliance issues related to anti-money laundering matters during the third quarter.
The AI model Mythos, developed by Anthropic, became accessible to a limited group of banks, technology firms, and government agencies in April. Moynihan’s remarks represent among the first detailed public disclosures by a major U.S. financial corporation regarding the specific staffing and financial resources deployed to defend computer systems against vulnerabilities identified by such advanced models.
Despite near-term costs, Moynihan indicated the bank expects expenditures on remediation to decline as patching efforts reach completion. He pointed to offsetting productivity gains from the bank’s approximately 130 internal AI initiatives, with expected savings projected to increase from $300 million this year to $700 million in 2027. The bank’s workforce declined by roughly 3,400 employees over the past year, though the degree to which AI adoption contributed to this reduction remains uncertain.
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