Bank of America Boosts AI and Technology Investments
Hari Gopalkrishnan, Chief Technology and Information Officer at Bank of America, oversees the $4 billion allocated in 2025 to artificial intelligence and other advanced technology projects. Over the last decade, the bank’s annual spending on strategic technology initiatives has risen by 44%, reaching this significant figure.
Leadership and Strategic Vision
Gopalkrishnan, a 14-year company veteran promoted to his current role in July, will present the strategy for these technology investments during Bank of America’s first investor day event in 15 years. This event highlights how these targeted initiatives align with the bank’s broader $118 billion technology spending over ten years.
Investor Engagement Amid Market Challenges
The investor day offers a rare opportunity for leadership—including CEO Brian Moynihan and other executives—to engage directly with shareholders. This comes as Bank of America’s stock has underperformed compared to five other major U.S. banks over the past five years.
“We have steadily increased our spend in technology, now up to $13 billion a year, of which $4 billion goes into strategic growth,” said Hari Gopalkrishnan in an interview with Fortune ahead of his investor day panel.
About the Author
John Kell is a contributing writer for Fortune and author of the CIO Intelligence newsletter.
Summary: Bank of America has significantly increased its technology budget, focusing $4 billion on AI and strategic growth, as part of a $118 billion investment over ten years, reflecting a clear vision to boost innovation and investor confidence.