According to Fortune, Bank of America CEO Brian Moynihan revealed at the bank’s first investor day in nearly 15 years that AI is being deployed across the entire 213,000-person workforce right now. The bank’s annual spending on strategic technology initiatives has increased 44% over the past decade, reaching $4 billion in 2025 out of a total $13 billion technology budget. Moynihan specifically addressed headcount concerns, stating he doesn’t see AI reducing overall employment but rather creating 10-15% efficiency gains that can be reinvested for growth. The bank has made $118 billion in technology investments over the past decade and is targeting 6-7% net interest income growth for 2025. Meanwhile, several Fortune 500 companies announced CFO changes including Valero Energy, Fiserv, CSX, and Hormel Foods.
The augmentation approach
Here’s what’s interesting about Bank of America‘s stance: they’re betting big on AI as a productivity multiplier rather than a headcount reducer. Moynihan’s been CEO since 2010, so he’s seen multiple technology cycles, and his approach feels pretty deliberate. Instead of the typical “AI will replace workers” narrative we hear everywhere, he’s talking about training all employees on new coding methodologies through platforms like GitHub.
Think about the scale here – 213,000 people getting AI access simultaneously. That’s massive. And the $4 billion specifically earmarked for strategic growth technology? That’s serious money, even for a bank that size. They’re basically saying they’ll take those 10-15% efficiency gains and pour them right back into growing faster. It’s a refreshing take compared to the doom-and-gloom predictions about AI eliminating jobs.
The numbers behind the strategy
$118 billion in tech investments over ten years. Let that sink in for a minute. That’s more than many countries’ GDPs. Chief technology officer Hari Gopalkrishnan emphasized they’re leveraging technology across the entire enterprise rather than letting it get siloed by business unit. That’s actually smart – when every department uses the same tools and platforms, you get way more bang for your buck.
The financial targets are ambitious too: 6-7% net interest income growth for 2025 and a 5-7% compound annual growth rate target over the next five years. CFO Alastair Borthwick directly credited “digital operational improvements and AI” for helping maintain expense discipline. So they’re not just throwing money at AI – they’re expecting measurable financial returns.
Meanwhile, in CFO land
While Bank of America was talking AI, half the Fortune 500 seemed to be playing musical chairs with their finance chiefs. Valero Energy named Homer Bhullar as their new CFO effective January 2026, while Fiserv appointed Paul Todd from Global Payments. CSX promoted Kevin Boone internally, and Hormel Foods brought in Paul Kuehneman as interim CFO.
But here’s the thing – these moves aren’t just about filling seats. Companies like Valero and Fiserv are making strategic bets on leaders who can navigate this exact kind of technology transformation. When you’re dealing with billion-dollar AI deployments and digital overhauls, you need CFOs who understand both the numbers and the tech.
What this really means
Bank of America’s approach could become the blueprint for how large enterprises handle AI adoption. Instead of the fear-driven “robots are taking our jobs” narrative, they’re positioning AI as a tool that makes everyone more effective. It’s basically the opposite of what we saw with earlier automation waves where efficiency gains often meant layoffs.
The timing is interesting too. With all these CFO changes happening at major companies like CSX and Hormel Foods, you have to wonder if there’s a broader shift toward financial leaders who can manage these massive technology transitions. Companies need executives who understand that $4 billion AI investments aren’t just cost centers – they’re growth engines.
And let’s not forget the other movers – TriNet bringing in Mala Murthy from Teladoc Health, and Teradyne appointing Michelle Turner from L3Harris. These aren’t random appointments – they’re strategic hires with deep technology and transformation experience. The message is clear: in today’s environment, your CFO better understand tech as well as they understand finance.
