Bank of America had to bring in 1,000 contractors to patch all the bugs Mythos identified
CEO said the workers were hired in Q2 and are still helping today
Bank of America sought the assistance of 1,000 contractors to address the numerous vulnerabilities uncovered by Anthropic's Mythos model, as CEO Brian Moynihan revealed during the company's Q3 earnings call. The remediation costs associated with Mythos are expected to decrease over time, but the initial influx of patches required the bank to bring in additional help due to concerns about swiftly handling the workload.
This issue is not expected to persist in the future. The contractors, alongside an existing team of 3,000 technical staff, have added efficiency to the bank's tech engineering workforce, and each of the bank's AI-related projects is projected to achieve a return on investment of 2x or 3x. Moynihan expects AI projects to generate between $250 million and $300 million in benefits in 2026, potentially increasing to $700 million by the end of 2027.
The company has also cut around 3,000 roles, including a 5% reduction in managerial positions, though AI's impact on these costs was not specified. The share price of Bank of America experienced a decline of over 8% on Wednesday following a 17% drop in profits due to a $1.21 billion settlement with the Treasury's Financial Crimes Enforcement Network over AML compliance deficiencies.
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