Bank of America said it hired 1,000 contractors to help patch software flaws uncovered by Anthropic's Mythos, adding to 3,000 staff already working in the area. The bank said the extra spending is temporary and should ease over time.
01Summary
- 01Brian Moynihan said Bank of America put on 1,000 contractors in the second quarter to help with patching work.
- 02The bank already had 3,000 people working in the area, according to Moynihan.
- 03Moynihan said the bank spent a 'couple hundred million plus' in the third quarter on software remediation and anti-money laundering compliance issues.
- 04Anthropic's Mythos was released in April to a small group of banks, technology firms and government agencies.
- 05Bank of America expects remediation costs to decline over time as systems are patched.
02Why it matters
The comments show the scale and cost of defending corporate systems against advanced AI-driven security testing. Investors may also want to watch whether the spending weighs on margins before the bank's remediation work eases.
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