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BofA to Spend $4 Billion on AI and New Tech Initiatives in 2025
Bank of America is allocating $4 billion — or nearly a third of its overall technology budget for this year — toward new initiatives including AI,
Sales and trading teams use a generative AI platform developed internally to search and summarize BofA research and market commentary “more quickly and efficiently.” The internal version was introduced in 2020 and quickly gained traction during the pandemic, initially helping staff with IT support tasks like password resets and device activations. “AI is having a transformative effect on employee efficiency and operational excellence,” Aditya Bhasin, BofA’s chief technology and information officer, said in the release.
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