Bank of America’s chief technology and information officer said at Reuters Momentum AI Finance that AI tools are allowing relationship bankers to manage far more clients than before, describing coverage rising to about 50 from 15 in some cases.
Separately, Bank of America says it spends $13 billion annually on technology, with about $4 billion directed to new technology initiatives in 2025, including AI.
The bank also reports its Erica virtual assistant has surpassed 3 billion client interactions since launch.
The remarks come after a leadership change naming Hari Gopalkrishnan as CTO/CIO in July 2025, as noted in Bank of America’s executive materials.
