At a Barclays conference on September 14, Bank of America CEO Brian Moynihan said the bank's AI program spans 130 to 140 projects, at a cost of $400 million and a benefit of $800 million, Fortune reported. A Fortune columnist noted the bank has never given a dollar figure like that on an earnings call.
Other banks have been vaguer. JPMorgan, for instance, has not given such a figure on any of its 13 earnings calls since mid-2023. Large-bank earnings are due October 13 (JPMorgan, Goldman Sachs, Wells Fargo, Citi) and October 14 (Bank of America, Morgan Stanley).
The figure is a self-reported conference claim, not an audited result, but it sets a public benchmark that analysts and investors will now use to press peers.
Source: Fortune