Bank of America CEO Brian Moynihan used the Q3 2026 earnings call on October 14, 2026 to put specific numbers on what AI is delivering inside the bank, and what it expects to deliver next year.
The bank currently has approximately 130 AI projects in production, each with a defined payback. AI-related benefits are running at 250–300 million this year and are expected to reach $700 million in 2027, based on the pipeline of projects already in place. Moynihan said benefits are expected to be two to three times the expense involved over time.
The 10% efficiency gain Moynihan cited is tied directly to the bank's technology development spend, which runs at approximately $4 billion per year. "We are 10% more efficient," he said, "so next year we get 10% more work for the same cost."
CFO Alastair Borthwick also noted that headcount has fallen as the company automates processes and simplifies work, describing technology modernization and AI as explicit drivers of that reduction alongside investment in client acquisition and franchise growth.
Erica, Global Banking, and Wealth Management
Moynihan described Erica, the bank's widely used virtual assistant, as now capable of operating on an agentic basis, helping consumers complete tasks that previously required a human intermediary.
He said the bank is working with agent providers to ensure that customers remain in control, and that human approval is required before any money movement takes place. "We believe strongly in ‘human in the loop’," he said.
Borthwick added that "Erica, Zelle, and AI-enabled tools are helping clients and helping employees" complete activity faster and more consistently, describing the tools as operating across both customer-facing and internal workflows in consumer banking. Revenue came in at $11.6 billion, up approximately 4% year over year.
In Global Banking, Borthwick disclosed that the bank launched a GenAI tool in September designed to make prospecting and onboarding more efficient for commercial bankers, framing it as a direct productivity lever for the client acquisition process.
In Wealth Management, where revenue grew approximately 13% to $7.1 billion, Borthwick said AI tools "continue to expand our capacity to deliver personalized advice at scale," crediting advisor productivity and digital engagement alongside AI for driving the segment's growth.
The Broader Picture
Bank of America reported Q3 2026 net income of $6.9 billion and EPS of $0.91 on revenue of approximately $30 billion, up around 3% year over year.
The results include a $1.2 billion non-tax-deductible regulatory settlement charge related to a government AML matter, which Moynihan said has now been resolved.
Excluding that charge, adjusted net income was approximately $8.1 billion, or $1.08 per share. Moynihan said part of the economic activity underpinning the bank's growth this year is "due to AI activity" — referencing the AI capital expenditure cycle as a contributor to U.S. economic momentum.