AI Investment Drives Bank of America’s Revenue Surge

Bank of America is betting big on artificial intelligence, committing $4 billion from its $13 billion technology budget to sharpen productivity and drive revenue growth.

By automating routine tasks like preparing client‑meeting briefs, BofA says its relationship bankers can now handle up to 50 clients, compared to just 15 earlier. In wealth management too, AI blends real‑time market data with clients’ portfolio details, helping advisers deliver more personalized investment advice.

On the development front, BofA has around 18,000 developers working with AI agents. These tools have already sped up everyday workflows dramatically — for instance, some software testing tasks have been cut down by as much as 90%.

Then there’s Erica, BofA’s AI chatbot launched in 2018, which has now handled 3 billion customer interactions — doing work that would otherwise have required 11,000 employees.

Rather than fearing job losses, the bank is betting on reskilling its 213,000-strong workforce. According to the tech head, this strategy helps employees offload repetitive tasks and focus on business-driving roles.

BofA’s push comes amid a broader trend: other major banks like JPMorgan, Goldman Sachs, and Morgan Stanley are also rolling out generative AI tools to enhance efficiency and client service.