Bank of America has brought in 1,000 third-party contractors to help fix software vulnerabilities that were identified by Anthropic's Mythos, an AI system. The contractors are working alongside 3,000 internal staff to patch flaws in both proprietary and vendor software, according to CNBC.
The effort contributed to hundreds of millions of dollars in additional third-quarter costs, along with anti-money laundering compliance work. CEO Brian Moynihan said these expenses are expected to decline over time, suggesting the current spike is temporary.
While the defensive patching creates short-term financial pressure, the bank is also pursuing AI-driven efficiency gains. BofA has 130 internal AI projects that are projected to deliver $700 million in savings next year, which could offset the current spending and turn the AI investment into a net positive.