Bank of America CEO Brian Moynihan says artificial intelligence is likely to expand employment and income over time, echoing the pattern of past technology shifts rather than replacing human work outright.
In a new interview with Bloomberg Television, the Bank of America chief noted that fears around AI-driven job losses overlook how previous waves of innovation ultimately increased both productivity and hiring.
Moynihan points to how computing advances have repeatedly reshaped work without shrinking the workforce.
“In our lifetimes, we’ve seen the desktop computer, the laptop computer, the phone as a computer, et cetera. Think of all that technology coming in, and we employ twice as many people. So the question will be, will you have more people doing different types of jobs?”
Moynihan offers practical advice for workers and executives navigating the transition, emphasizing adoption rather than resistance.
“And so my advice to myself and my advice to my teammates is simple. Learn it. Harness it. Make it your agent to help you be more successful.”
He acknowledges that AI will change how professional work is done, including in areas traditionally dominated by human judgment.
“Does it change the human content of work in areas like finance and audit, and legal that we hadn’t done before? Yes.”
Moynihan says he believes that those who use AI effectively will be able to produce more value, which he says could translate into broader economic gains.
“But the people who use it effectively will be able to do more and generate more revenue and potentially generate more jobs out there because there are more people earning more money, spending more money. America’s making more money. It should all be good. But it’s going to be an interesting transition.”
Data from a recent Bloomberg Intelligence survey shows that global firms are now looking to hire more employees as they increasingly adopt AI for operational efficiency. Just last week, Treasury Secretary Scott Bessent said that young people should become AI natives/experts, as employers integrate AI tools into their workflows.
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