By PYMNTS | October 15, 2026
Bank of America deployed 1,000 contractors and 3,000 employees to fix software flaws discovered by Anthropic’s Mythos and other frontier artificial intelligence models, CEO Brian Moynihan told CNBC in a report published Wednesday (Oct. 14).
The bank added the contractors in the second quarter and is still employing them, according to the report.
Bank of America’s increased spending on this effort is expected to decline over time as the software vulnerabilities get patched, per the report.
Moynihan’s comments are some of the first to detail the costs incurred by companies that are remediating software flaws discovered by frontier AI models, according to the report.
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Frontier models can be used by companies to fix vulnerabilities that in some cases are decades old, but they can also be used by hackers to exploit vulnerabilities, per the report.
“That risk is real risk, and that’s why when the frontier-type models came out … A lot of us sat down and said, ‘How do we figure out how to get through this quickly?’” Moynihan said in the report.
A U.S. Treasury Department spokesperson told PYMNTS in April that Treasury Secretary Scott Bessent convened a meeting of regulators and financial institutions to initiate a coordinated approach to the rapid developments in AI. The spokesperson said Treasury planned to lead such meetings on a continuing basis.
Reuters reported in May that the few large banks that had access to Mythos were uncovering vulnerabilities in their IT systems and were sharing information with smaller banks that didn’t have access to the AI model. The report said that in response to the threat posed by frontier models, banks were patching vulnerabilities in days rather than the weeks they used to take.
Anthropic said in May that its Mythos Preview model had ferreted out more than 10,000 cybersecurity vulnerabilities among the 50 partner organizations that had access to the model at the time.
JPMorgan CEO Jamie Dimon told Bloomberg TV Oct. 6 that cybersecurity risks increased tenfold when Anthropic released Mythos and that AI created vulnerabilities banks didn’t know about.
“What we’re doing is rolling up our sleeves and going to work to fix it,” Dimon said.