Good morning. Bank of America CEO Brian Moynihan is more interested in using AI to augment work rather than replace people.
Bank of America (No. 17 on the Fortune 500) held its first investor day in nearly 15 years on Wednesday in Boston, outlining its strategic growth plans—many of which are supported by AI. I attended a media roundtable with Moynihan, who addressed whether advances in AI could affect headcount.
There may be more people dedicated to activities which are augmented by technology to create more growth for the company, said Moynihan, who has served as CEO since 2010.
“I don’t really want to say to people, ‘I can see this taking our overall headcount down,” he said. What he can see is greatly augmenting the amount of work done. So if AI results in 10% or 15% efficiency gains, you can reinvest that to grow faster, or you take it to the bottom line, he explained.
“All 213,000 people are getting access to AI as we speak,” Moynihan said. One example is he offered is training on new coding methodologies, including GitHub.
Bank of America’s annual spending on new, strategic technology initiatives—including AI investments—has increased 44% over the past decade, reaching $4 billion in 2025, Fortune reported.
“We have steadily increased our spend on technology, now up to $13 billion a year, of which $4 billion goes toward strategic growth,” Hari Gopalkrishnan, a 14-year veteran who was promoted to chief technology and information officer in late July, told Fortune‘s John Kell. “We leverage across the enterprise so every dollar we spend gets the maximum bang for the buck, as opposed to being siloed by line of business.”
Those strategic bets are part of the $118 billion in technology investments the company has made over the past decade, according to Gopalkrishnan.
Bank of America EVP and CFO Alastair Borthwick said during the event that the bank is well on its way to delivering 6% to 7% growth for net interest income (the money a bank makes on its loans after it pays interest to depositors) in 2025. He also said the bank has set a compound annual growth rate target for net interest income of 5% to 7% over the next five years.
“A lot has happened over the past 10 years with extraordinary events in the economy and banking landscape,” Borthwick said. “During that time, our responsible growth strategy has driven organic growth with our client base—deepening relationships with existing clients and adding new ones over time.” Bank of America has also maintained expense discipline through digital operational improvements and AI, he said.
Have a good weekend.
Sheryl Estrada
sheryl.estrada@fortune.com
Leaderboard
Fortune 500 Power Moves
Homer Bhullar was promoted to SVP and CFO at Valero Energy Corporation (No. 34), effective January 1, 2026. Bhullar will succeed Jason Fraser, who will remain as EVP and CFO until he steps down on December 31, and will retire as an employee in the first quarter of 2026. Bhullar has served as Valero’s VP of investor relations and finance since April 29, 2021. He joined Valero in 2014.
Paul Todd was appointed CFO of Fiserv, Inc. (No. 208), effective October 31. Todd, who previously served as CFO of Global Payments, succeeds Robert Hau, who will serve as a senior advisor through the first quarter of 2026 to support a transition. Todd has been serving as a special advisor to the executive leadership team for the last several weeks.
Kevin Boone was appointed EVP and CFO of CSX (No. 301), succeeding Sean Pelkey, who has departed the company. Boone joined CSX in 2017 and has held several key leadership roles. Most recently, he served as EVP and chief commercial officer. Boone also served as VP of corporate affairs and investor relations at CSX.
Paul Kuehneman was appointed interim CFO and controller at Hormel Foods Corporation (No. 352), effective October 27. Kuehneman succeeds Jacinth Smiley, who is leaving the company and will be pursuing other opportunities, according to the announcement. Kuehneman has more than 30 years of business and finance experience at Hormel Foods, holding a variety of leadership roles, most recently, VP and controller.
Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.
More notable moves this week:
Mala Murthy was appointed EVP and CFO of TriNet (NYSE: TNET), a provider of human resources solutions, effective November 28. Murthy will succeed TriNet’s current CFO, Kelly Tuminelli, who will serve as a special advisor to the CEO through March 16, 2026. Murthy most recently served as CFO of Teladoc Health. Before that, she held several senior executive positions at American Express, including CFO of its global commercial services segment. She also previously served in FP&A, treasury, and corporate development and strategy leadership positions with PepsiCo.
Michelle Turner was appointed CFO of Teradyne, Inc. (Nasdaq: TER), a provider of automated test equipment and advanced robotics, effective November 3. Turner replaces Sanjay Mehta, who has served as Teradyne’s CFO since 2019. Turner brings 30 years of financial and strategic leadership experience. Before joining Teradyne, she was the CFO for L3Harris Technologies. Turner has also held a variety of senior financial management and leadership roles in Johnson & Johnson, BHP Billiton, Raytheon, and Honeywell.
Big Deal
Going deeper
Here are four Fortune weekend reads:
“Crypto founders are getting very rich, very fast—again” by Jeff John Roberts
“Microsoft CEO Satya Nadella says Bill Gates told him his big bet on OpenAI would be a flop: ‘Yeah, you’re going to burn this billion dollars’” by Marco Quiroz-Gutierrez
“Michael Dell’s son aims to transform the home power business by selling electricity and backup battery power like a Costco membership” by Jordan Blum
“Harvard professor calls out ‘lie’ of needing 8 hours of sleep a night, says it’s Industrial Era ‘nonsense’” Ashley Lutz
Overheard
“Silicon Valley is optimizing for the wrong metric. Most people working in high-stakes domains recognize now that AI will not take every job, but with that realization comes a harder truth: the industry has been building autonomy when it should have been building accountability.”
—Joel Hron, chief technology officer at Thomson Reuters, writes in a Fortune opinion piece.
