Bank of America hired about 1,000 outside contractors in the second quarter to patch software flaws exposed by advanced AI models such as Anthropic's Mythos, on top of about 3,000 people already in that area, CEO Brian Moynihan told CNBC. The bank spent a “couple hundred million plus” on software remediation and anti-money laundering compliance in the third quarter, and Moynihan expects remediation costs to decline over time. Separately, about 130 internal AI projects are expected to save $300 million this year and $700 million in 2027, while headcount fell about 3,400 over the past year. Shares slumped as much as 8% on the day of the comments. The article notes it is unclear how much of the workforce reduction is attributable to AI.
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