Bank of America CEO: The economic benefits of artificial intelligence are accelerating

Moynihan, chief executive of Bank of America, said artificial intelligence was starting to have a bigger impact on the US economy. "Investment in AI has continued to build up this year and is likely to become an even more important driver of growth next year and in the years ahead," Mr. Moynihan said in a television interview on Monday. "The impact of AI is becoming increasingly apparent, and while not all of the growth can be attributed to AI, the marginal effects are already quite significant." Mr. Moynihan, who has been at the helm of the bank for nearly 15 years, said BofA expected the US economy to remain strong next year, with growth expected to be 2.4 per cent, up from about 2 per cent in 2025. He said that while the labour market was beginning to soften, this was more of a normalisation adjustment in the jobs market. Moynihan pointed out that, given that the AI industry is dominated by a small number of companies, even if the industry overheats and pulls back, BofA believes that its threat to the economy, including consumer impact and job losses, is relatively limited.