{"id":465301,"date":"2025-12-22T22:46:16","date_gmt":"2025-12-22T22:46:16","guid":{"rendered":"https:\/\/www.europesays.com\/us\/465301\/"},"modified":"2025-12-22T22:46:16","modified_gmt":"2025-12-22T22:46:16","slug":"bank-of-americas-moynihan-says-ais-economic-benefit-is-kicking-in-more","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/465301\/","title":{"rendered":"Bank of America’s Moynihan says AI’s economic benefit is ‘kicking in more’"},"content":{"rendered":"

Bank of America<\/a> Corp. Chief Executive Officer Brian Moynihan said that artificial intelligence is starting to have a bigger impact on the US economy.<\/p>\n

\u201cThe AI investment\u2019s been building during the year and is probably a bigger contributor next year and the years beyond,\u201d Moynihan said Monday in a Bloomberg Television interview. \u201cAI is kicking in more and more, and so it\u2019s not all attributable to AI, but that\u2019s having a marginal impact that\u2019s pretty strong.\u201d<\/p>\n

Moynihan, who has led the bank for nearly 15 years, said the firm is predicting a strong economy for the US next year, with expected growth of 2.4%, up from about 2% in 2025. While the labor market has started to get softer, it appears that it\u2019s more of a normalization for jobs, Moynihan said.<\/p>\n

AI companies including OpenAI have been\u00a0pulling in<\/a>\u00a0billions of dollars of funds in recent months as investors are eager to bet on the industry. But executives such as Amazon<\/a>.com Inc. founder Jeff Bezos have\u00a0warned<\/a>\u00a0that AI spending is an \u201cindustrial bubble\u201d that could lead to lost investment, but will ultimately help society.<\/p>\n

Moynihan said his bank sees relatively limited risk to the economy \u2014 including the impact on consumers and job losses \u2014 if the AI industry became too overheated and had to pull back, given that the sector is composed of a narrow group of companies.<\/p>\n

\u201cAs a lender we look at the leverage on these projects and make sure we\u2019re comfortable with that and the duration of the contract by the person who\u2019s going to commit to use the data center,\u201d Moynihan said.<\/p>\n

The bank itself is also using artificial intelligence, he said in the interview. The company\u00a0launched<\/a>\u00a0Erica, its agent bot, in 2018. Now, Erica can answer 700 questions, up from 200, Moynihan said.<\/p>\n

Read More:\u00a0Nvidia Looks Past DeepSeek and Tariffs for AI\u2019s Next Chapter<\/a><\/p>\n

\u201cWe\u2019ll be applying more and more of automated intelligence \u2014 or augmented intelligence, as we call it, with a person using AI, using that to be more effective \u2014 and that\u2019ll affect all the businesses,\u201d Moynihan said.<\/p>\n","protected":false},"excerpt":{"rendered":"Bank of America Corp. Chief Executive Officer Brian Moynihan said that artificial intelligence is starting to have a…\n","protected":false},"author":3,"featured_media":465302,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[691,738,21866,242,158,14230,67,132,68],"class_list":{"0":"post-465301","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artificial-intelligence","8":"tag-ai","9":"tag-artificial-intelligence","10":"tag-bank-of-america","11":"tag-tech","12":"tag-technology","13":"tag-u-s-economy","14":"tag-united-states","15":"tag-unitedstates","16":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115765653164989129","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/465301","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=465301"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/465301\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/465302"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=465301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=465301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=465301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}