Bank of America CEO: 2026 Economic Outlook Slightly Positive, AI Investment as Key Support Driver

Bank of America CEO Brian Moynihan recently stated in an interview that the tangible impact of artificial intelligence (AI) on the US economy is gradually emerging. The related investments have not only accumulated this year but are also expected to further amplify their contribution to economic growth in the coming years.

AI Investment Continues to Accumulate, Influence Expanding

Moynihan pointed out that AI-related investments have been steadily accumulating this year, not erupting overnight but building gradually. He indicated that these investments could become a more significant driver of economic growth in the next year and beyond.

He emphasized that while economic growth is not entirely driven by AI, the “marginal impact” AI has on the overall economy is already quite evident and substantial.

Positive Outlook for 2026, US Economy Expected to Grow 2.4%

Regarding the overall US economic outlook, Moynihan noted that Bank of America has a positive view for next year. According to BofA’s forecast, the US economy is expected to grow by 2.4% in 2024, higher than the approximately 2% level in 2025.

As for the labor market, Moynihan said that there are indeed some signs of weakening, but he believes this is more a transitional phase as the employment market returns to normal rather than a structural deterioration.

AI Industry Draws Massive Investment, Bubble Concerns Emerge

With high market expectations for AI prospects, several months ago, including OpenAI, many AI companies have continued to attract billions of dollars in funding.

However, some tech industry leaders have issued warnings. Amazon founder Jeff Bezos once described the AI investment boom as a potential “industrial bubble,” which could lead to some investment losses in the short term but ultimately benefit societal development in the long run.

Limited Economic Impact of AI Overheating, BofA Will Manage Risks

Regarding whether the AI industry might overheat or even experience a correction, Moynihan said that after assessment, Bank of America believes that the related risks have a relatively limited impact on the overall economy.

He pointed out that even if the AI industry undergoes adjustments, the impact on consumers and the employment market may not be too severe, because the industry is currently concentrated in a few companies and has not yet spread across all sectors.

From a banking lending perspective, Moynihan emphasized that BofA will pay particular attention to the leverage levels of AI projects and whether clients using data centers have long-term and stable contractual commitments to ensure risks remain manageable.

AI Assistants Implemented to Drive Operational Upgrades with Augmented Intelligence

In addition to monitoring external markets, Bank of America has already integrated AI into its daily operations. Moynihan said that the bank launched its AI assistant “Erica” in 2018, and its capabilities have since been significantly expanded. Erica can now answer approximately 700 questions, up from about 200 initially.

Moynihan concluded by stating that Bank of America will continue to introduce more automation and AI technologies in the future. However, they prefer to call it “Augmented Intelligence,” which involves humans working alongside AI rather than replacing human labor entirely. He believes this application model will gradually influence all banking operations, improving employee efficiency and service quality.

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