Bank of America CEO Says AI Models Found Software Bugs, Hired 1,000 Contractors to Fix

On Oct. 14, Bank of America CEO Brian Moynihan said the bank has brought in outside contractors to help fix software vulnerabilities uncovered by frontier AI models such as Anthropic's Mythos.

"When frontier models come out, a lot of us want to respond as quickly as possible," Moynihan said. In the second quarter of 2026, the bank hired 1,000 contractors to work alongside 3,000 internal employees on bug fixes. He also said spending on software repairs and anti-money-laundering compliance exceeded several hundred million dollars in the third quarter.

Separately, Moynihan told analysts that the bank now runs about 130 internal AI projects, and expects cost savings from these efforts to rise to $700 million in 2027 from $300 million in 2026.