Bank of America Spends Hundreds of Millions to Patch AI-Exposed Software Flaws
Bank of America has hired 1,000 external contractors to assist 3,000 internal staff in patching software vulnerabilities identified by advanced AI models, including Anthropic's Mythos. CEO Brian Moynihan stated that these defensive measures, combined with anti-money laundering compliance costs, added hundreds of millions of dollars to third-quarter expenses. However, the bank expects these costs to decline as remediation progresses, while 130 internal AI projects are projected to generate $700 million in savings by 2027.
