Bank of America CEO Brian Moynihan praises AI firms’ focus on safety

Brian Moynihan, the chairman and CEO of Bank of America, has called it “encouraging” that AI companies are treating safety as a genuine priority, not just a talking point. His comments come as executives across Silicon Valley and Wall Street grapple with the uncomfortable reality that AI capabilities are advancing faster than the guardrails meant to contain them. Leaders from Anthropic, OpenAI, and Google have been actively discussing the formation of a new industry safety body, with some even floating the idea of deliberately slowing the pace of development to let safety protocols catch up. BofA’s AI footprint keeps expanding Bank of America has become one of the most aggressive deployers of AI in the financial sector, with employees now generating over 400,000 AI prompts daily across the organization. The bank has approved more than 300 AI use cases, including 114 specifically for generative AI. It operates 270 AI and machine learning models that the bank says have produced measurable gains in both productivity and security. BofA reports a 55% reduction in fraud losses attributed to its AI systems, along with a 20% boost in developer productivity. Then there’s Erica, the bank’s A...