Bank of America CEO: AI won't kill jobs
Bank of America CEO Brian Moynihan is pushing back on the idea that AI will steal everyone's jobs.
On a recent podcast, he pointed out that even though people once worried computers would wipe out whole careers, US employment actually doubled from 1969 to 2019.
"In 1969, there were 80 million people working in the United States. In 2019, there were 160 million people," he said.
Moynihan on AI's role at work
Moynihan believes AI is more about helping people work smarter than replacing them.
At Bank of America, almost all of their 213,000 employees use AI tools like virtual assistants regularly.
The company spends big—about $13 billion a year—on tech and holds over 1,200 AI patents.
Their developers are even seeing a productivity boost thanks to AI coding assistants.
Views from other bank leaders and economic impact
Other bank leaders have mixed feelings: JPMorgan's Jamie Dimon also thinks AI will improve jobs, but Wells Fargo's Charlie Scharf expects some roles may disappear.
Still, Bank of America points to headcount management and productivity gains from AI, and BofA Global Research said AI-related capital expenditures boosted US GDP growth.