Bank of America hires 1,000 contractors to fix bugs found by AI

Bank of America is using advanced AI models to scan its own software. According to CNBC, CEO Brian Moynihan said frontier AI models like Anthropic's Mythos have found many software bugs, so the bank has hired a large number of outside contractors to help fix them.

Moynihan said the bank hired 1,000 outsourced workers in the second quarter, and they now work with 3,000 internal staff on bug fixes. In the third quarter, the bank spent several hundred million dollars on fixing software bugs and anti-money laundering compliance.

AI is also helping the bank cut costs. It now runs about 130 internal AI projects, and the savings from these projects are expected to grow from $300 million this year to $700 million next year.