Nearly half of employees fear AI will reduce job opportunities, but banking leaders see the technology as an opportunity for growth and reskilling, noting that the economy and jobs have survived other major technological transformations.
A study conducted by Pew Research last year showed that about half of employees (52%) are concerned about the future impact of the use of artificial intelligence in the workplace, and 32% believe that it will lead to fewer job opportunities for them in the long term.
However, Bank of America CEO Brian Moynihan has a much less pessimistic view on the subject. He believes that while AI will be disruptive at all levels of the banking industry, economies and workforces have previously undergone massive technological transformations without resulting in a total collapse of jobs, writes Fortune.
Speaking on the podcast “This Is Working” earlier this month, the Wall Street veteran said he was looking back to understand how the implementation of big language patterns could affect the workforce: “The example I use — and whether it applies now or not, we’ll see in the future — is this: In 1969, there were 80 million people working in the United States. In 2019, there were 160 million people. Think of the amount of technology that has been applied in America from then to 2019.”
“People were writing…in 1969 that there would be no more managers in business because the computer would eliminate the need for them because it would just move information. Well, guess what? Today we have 20,000 managers at Bank of America. And we were being told in 1969 that there would be no more manufacturing in the U.S., that there would be no more jobs, that computers would take them, that Japan would take over everything. You go through all these predictions, and then in 50 years we doubled the number of people working in the United States”he added.
“Maybe one day we’ll work less”
His perspective is not uncommon on Wall Street: JPMorgan’s Jamie Dimon is also optimistic about the opportunities AI offers to the workforce. Shortly before Christmas, the CEO of the largest US bank said that thanks to this transformative technology, “maybe one day we’ll work less, but we’ll have great lives.”
At the same time, he stated that technology could contribute to the longevity of people, helping them to live up to 100 years.
But that doesn’t mean employees or policymakers can ignore the fact that AI will cause some disruption to the labor market. As Dimon said in an interview with Fortune last year: “It’s going to eliminate jobs…people need to stop sticking their heads in the sand.”
Dimon called on society, government and companies to discuss how to save jobs and retrain people or understand how early retirement could be used: “You can’t just take all these people and throw them out on the street where the next job pays $30,000 a year when they’re making $150,000. It’s going to be a revolution.”he said.
AI, already implemented in financial institutions
Similarly, Moynihan was realistic about the implications of the technology. Like many of its peers on Wall Street, Bank of America already uses automated models, tests and algorithms in its trading groups.
According to the Evident AI Banking Index, updated in October 2025, Bank of America ranks in the top 10 globally for talent, innovation, leadership and transparency. JPMorgan Chase currently leads the ranking, followed by Capital One and Royal Bank of Canada.
Moynihan said in the podcast that recent breakthroughs in AI are augmentations of human capabilities, which is a “big advantage” and applies to all: “So it applies to our auditors, to our lawyers, to our investment bankers. Again, you can’t just let everything go sideways because it can go wrong. But what it does is it shortens the processing time, so the learning period is more efficient.
And so you can help young or less experienced colleagues in this area and in all areas of our company. By the way, it will also affect experienced people”he added.
