Bank of America Hired 1,000 Contractors to Patch Software Flaws Exposed By Anthropic's Mythos

Bank of America has engaged 1,000 external contractors to address software flaws discovered by sophisticated AI models, such as Anthropic's Mythos. This initiative resulted in an additional hundreds of millions of dollars in expenses during the third quarter, as reported by CNBC. During a post-earnings interview, Bank of America CEO Brian Moynihan disclosed that the company had expedited its efforts to strengthen its internal and third-party codebase by utilizing thousands of employees and outside personnel.

Moynihan emphasized that the potential risks posed by advanced AI models were significant, prompting the rapid response. He stated, "A lot of us sat down and said, How do we figure out how to get through this quickly?" According to Moynihan, 1,000 contractors were hired to assist with the patching process in the second quarter, and these individuals continue to support the bank's efforts alongside the 3,000 professionals already dedicated to this task.

In the third quarter, the bank incurred a significant expense, estimated to be in the "couple hundred million" range, to address software remediation and regulatory compliance related to anti-money laundering requirements.