TECH - BofA Manages To Keep Expenses In Check By Going Digital — Now The Bank Is Using AI To Take It To 'Another Level' | Benzinga
Bank of America Corp (NYSE:BAC) shares got an earnings lift on Tuesday as the company posted better-than-expected quarterly results. CEO Brian Moynihan pointed to expense management as a big part of the bank’s recipe for success and suggested that it will only continue to improve with the help of AI.
What Happened: Tuesday on CNBC’s “Squawk On The Street,” Moynihan suggested the implementation of AI is beginning to show up in the company’s performance.
“This is not something you can do overnight,” Moynihan said.
BofA digitized financial services 20 years ago when it began deploying online and mobile banking capabilities. Today, a strong majority of its business is digital and the company continues to lean into the digital transformation with the latest AI technologies, Moynihan explained.
Operating expenses on a quarterly basis are still approximately ...