Bank of America intends to double its artificial intelligence budget next year, with the expansion continuing through 2027. The decision follows positive performance metrics from existing implementations, where the bank invested $400 million across 140 projects, yielding an estimated benefit of $800 million.
The bank allocates $13–14 billion annually to its total technology budget, with $4 billion dedicated to new initiatives. Currently, the organization supports 200,000 active AI users who generate over 400,000 prompts daily across 300 use cases. The virtual assistant Erica has recorded over 3 billion client interactions.
Despite the increased investment, Hari Gopalkrishnan, the bank's chief technology and information officer, cautioned against prioritizing AI when simpler, deterministic models are sufficient. He emphasized that predictability remains a priority for regulators and auditors.
The bank reports a 10–20% productivity increase among its 18,000 to 20,000 software developers. Management maintains stable headcount levels through natural attrition rather than layoffs, noting that internal estimates for technology project benefits are subject to internal assessment.
