Itpro Bank of America Hires 1,000 Consultants to Address AI-Identified Software Flaws
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- •Bank of America hired 1,000 contractors to patch software flaws identified by AI.
- •The bank's CEO expects remediation costs to decline over time as patches are implemented.
- •Bank of America anticipates $700 million in savings from AI projects by 2027.
Bank of America has hired 1,000 external security consultants to assist its existing 3,000 staff in patching vulnerabilities identified by Anthropic's Mythos AI model. The bank's CEO, Brian Moynihan, stated that the costs associated with software remediation and anti-money laundering compliance have surged into the hundreds of millions. The Mythos model, which was released to select partners in April 2026, has exposed flaws in both proprietary and vendor software, prompting a defensive response from the bank. Moynihan indicated that while the immediate costs are high, they expect to see a reduction over time as patches are implemented. The bank anticipates savings of $700 million from its internal AI projects by 2027, despite experiencing an 8% drop in stock price following a quarterly profit decline. The situation illustrates the dual nature of AI, which can both enhance productivity and expose vulnerabilities.
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