Bank of America CEO on AI, Economy, and Leading Through Change

Bank of America CEO Brian Moynihan emphasized the enduring strength of the American capitalistic system, provided it operates with fairness and a safety net to support those who might otherwise be left behind. In an interview with TIME editor-in-chief Sam Jacobs for "The CEO Moment" series, Moynihan addressed concerns about the economy and the role of businesses in society.

Moynihan described the current business climate as a fusion of purpose and profit, countering the notion that these are mutually exclusive. "It's not profits or purpose, it's profits and purpose. 'The genius of the and,' it’s called. We believe in that to our core," he stated, referencing the shift in corporate discourse from solely focusing on ESG initiatives to integrating them with core business objectives.

When questioned about the President publicly calling out Bank of America, Moynihan underscored the bank's long-standing commitment to working with every administration. "This company’s been around since 1784. Our job is to work with every Administration, and make them successful. Because when America is successful, we’re successful," he said.

The potential impact of artificial intelligence on banking was a key topic. Moynihan assured that AI's role in loan decisions would be carefully managed to prevent discrimination. "The worry about AI is, will it discriminate? We don’t let that happen. We don’t just let the model do it. Whatever tool we use, we’re responsible for the outcome," he explained. He also dismissed fears that AI would eliminate jobs at the bank, stating, "If they work at Bank of America, they shouldn’t be worried."

Moynihan, who has been CEO for 17 years, also reflected on leadership and succession planning. He indicated that the time to step down would be when he no longer felt thrilled by the job or drove innovation. He highlighted the importance of developing talent within the company, noting that Bank of America conducts regular reviews to identify potential future leaders. "We run a deep process every six months to see who could run the company, not only for the next year if I got hit by the proverbial truck, but also for the decades ahead," Moynihan said.