AI gives Bank of America ‘places to go we haven’t gone’
Active users of AI assistant Erica surpassed 21M
Bank of America plans to embed AI and agentic AI into additional client-facing platforms as its digital transformation advances.
The $3.5 trillion bank foresees AI having the most significant effect on user interfaces over the next several years, with agentic AI enhancing the intimacy of customer interactions, Chief Executive Brian Moynihan said during today’s first-quarter earnings call.
About 90,000 employees, or more than 40% of its workforce, have shifted from Salesforce’s core CRM platform to Agentforce, Moynihan said. Agentforce AI agents connect to real-time data and are designed to execute multistep workflows while providing 24/7 customer support, according to Salesforce.
While AI is contributing to gradual headcount reductions, the technology also allows attrition to “be your friend,” Moynihan said. Workflow automation is giving the bank “places to go we haven’t gone,” he said. Possible staffing additions will be primarily geared toward managing client relationships as AI replaces front-end tasks.
Overall, the bank is expanding its use of AI to “improve operational efficiency and sales effectiveness,” Chief Financial Officer Alastair Borthwick said during the call.
By the numbers
The Charlotte, N.C.-based Bank of America reported these AI and digital adoption results in Q1:
- Active users of Erica, its AI-driven financial assistant, reached 21.3 million, up from 19.9 million in Q1 2025;
- Erica interactions through the bank’s CashPro Chat, an AI tool for commercial clients, totaled 38,700, up from 33,500 a year prior;
- Active digital users rose to 50 million from 49 million in Q1 2025; and
- Digital client logins totaled 4.3 billion, up from 4 billion a year ago.
Other results included:
- Revenue increased 7.4% year over year to $30.3 billion;
- Net income jumped 16.6% YoY to $8.6 billion;
- Efficiency ratio landed at 61%, compared with 63% in Q1 2025; and
- Headcount totaled 212,134, down from 213,207 in Q4 2025.
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