Bank of America Hired 1,000 Contractors to Fix AI-Exposed Software Flaws
CEO Brian Moynihan said the bank brought in 1,000 contractors in the second quarter to repair software vulnerabilities identified by advanced AI models, including Anthropic’s Mythos. The contractors are working alongside 3,000 existing specialists.
Bank of America CEO Brian Moynihan said Wednesday that the bank brought in a large group of outside specialists to address software weaknesses identified by advanced AI models, including Anthropic’s Mythos. After the bank’s third-quarter earnings announcement, Moynihan said Bank of America acted quickly earlier this year to bolster internal software and vendor code. The bank deployed thousands of employees alongside external contractors, the report said. In an interview with CNBC, he described the risk from advanced AI models as “real” and said the bank moved to determine how to respond quickly.
Moynihan said the bank brought in 1000 contractors in the second quarter to help repair software vulnerabilities. They are continuing to work with an existing team of 3000 specialists. The bank incurred costs of “a couple hundred million plus” in the third quarter for software repairs and regulatory matters related to anti-money laundering compliance, Moynihan told analysts Wednesday. Bank of America shares fell about 5% on Wednesday after the bank posted weaker-than-expected third-quarter 2026 results.
11. 69 billion estimate. S. 21 billion against the bank, saying it had failed for years to report over 5 billion in suspicious transactions.
Moynihan said the bank needed to “stay ahead” of emerging risks while recognizing that companies developing the software are also the “people trying to sell us the services,” the report added. S. and Europe were stepping up scrutiny of AI, including whether cyberattacks, autonomous systems or weak controls could destabilize banks and markets. Anthropic introduced its Mythos AI model.
Moynihan’s comments earlier this year highlighted the technology’s ability to find software vulnerabilities that hackers could potentially exploit. S. company of the staffing and financial resources being deployed to protect software systems from Mythos, which Anthropic made available in April to a limited group of banks, technology companies and government agencies. In July, JPMorgan Chase & Co.
S. government officials are now focused on addressing potential risks. 39 on Wednesday. 5% year to date.