Milos Maricic: listen for the AI number on next week's bank calls
On September 14, at a Barclays conference, Bank of America CEO Brian Moynihan put a number on the bank’s AI program: 130 to 140 projects in place “at a cost of $400 million, generating a benefit of $800 million.” The bank has never given a dollar figure like that on an earnings call. On October 14 it reports third-quarter results, its first call since Moynihan spoke. Will the $800 million make it onto the call?
TL;DR
- Bank of America CEO Brian Moynihan discussed the bank's AI program.
- The program consists of 130 to 140 projects.
- The cost of the AI program is $400 million.
- The AI program is generating $800 million in benefits.
- This financial disclosure is significant as it's the first time such a figure has been shared on an earnings call.