Bank of America CEO Remains Cautiously Optimistic About AI's Impact on Jobs

Bank of America CEO Brian Moynihan downplays fears of widespread job losses from AI, citing historical precedents where technological disruptions did not lead to mass unemployment. Moynihan, in a February 2026 podcast, noted U.S. employment doubled from 80 million in 1969 to 160 million in 2019 despite dire predictions about computers eliminating managerial and manufacturing roles. He stressed AI will augment, not replace, human capabilities across auditing, legal, and investment banking functions. BofA is actively integrating AI tools in trading and operations. Evident AI's October 2025 banking index ranks BofA tenth overall, behind JPMorgan, Capital One, and Royal Bank of Canada. Moynihan cautioned against unchecked AI deployment but emphasized its potential to accelerate learning and productivity gains.