Bank of America Hires 1000 External Staff to Fix Software Vulnerabilities Found by AI

Bank of America has employed 1,000 external contractors to assist in rectifying software vulnerabilities that have been uncovered by cutting-edge artificial intelligence models. The move comes as advanced AI systems, such as Anthropic's Mythos, are increasingly capable of identifying previously undetected flaws in complex systems.

Bank CEO Brian Moynihan revealed to CNBC that the external hires were brought on during the second quarter. These contractors are working alongside approximately 3,000 internal employees on the remediation efforts. Moynihan also noted that the bank incurred expenses exceeding hundreds of millions of dollars in the third quarter related to software defect resolution and compliance with anti-money laundering regulations.

Concurrently, artificial intelligence is contributing to cost reductions for Bank of America in other operational areas. The bank is currently managing around 130 internal AI projects. These initiatives are projected to yield cost savings, estimated to grow from $300 million this year to $700 million in the upcoming year.

The bank's strategy highlights a dual approach to leveraging AI: not only for identifying and mitigating risks through vulnerability detection but also for enhancing operational efficiency and achieving substantial financial savings across various business units.