Bank of America hires 1,000 contractors, pushing 3rd-quarter costs higher
Business
Bank of America hired 1,000 contractors in the second quarter to help fix software problems spotted by Anthropic's Mythos.
CEO Brian Moynihan says the goal is to patch up both its own and third-party software.
This big push has bumped up costs for the bank in the third quarter, especially with software remediation and regulatory issues related to anti-money laundering compliance.
Bank of America seeks $700 million savings
To balance out these rising expenses, the bank is rolling out 130 internal AI projects aiming to save $700 million by 2027.
As part of its tech-focused strategy, Bank of America has also trimmed about 3,400 jobs over the past year.