Bank of America CEO Brian Moynihan says this 1960s theory proves that AI cannot take all your jobs
Bank of America CEO Brian Moynihan has offered a more measured view on the fear of artificial intelligence reshaping the labour market. As reported by Fortune, speaking on the This is Working podcast, Moynihan said that while AI will disrupt industries, history shows that tech waves rarely wipe out employment altogether. He further pointed to a 1960s prediction that computers would eliminate managers and manufacturing jobs. “n 1969, there were 80 million people working in the United States. In 2019, there were 160 million people. Think about the amount of technology that applied in America from that time to 2019,” he said. Despite dire warnings, employment doubled over 50 years.
AI as augmentation, no replacement
Moynihan also stressed on the fact that AI should be seen as an augmentation of human capabilities. He said that at the Bank of America, AI is already being used in trading groups, auditing and legal work. “This allows flight time to shorten, so the knowledge time picks up. That’s how to help young teammates or junior teammates in that area, and in all areas in our company. By the way, it’s going to affect senior people,” he noted.
The optimism aligns with the thoughts of other banking leaders. JPMorgan CEO Jamie Dimon has said AI could eventually allow people to work less while living longer, healthier lives. However, Dimon also warned that society must prepare for job losses through retraining and policy support, or risk social unrest.AI adoption in banking is accelerating. According to Evident AI’s index updated in October 2025, Bank of America ranks among the top 10 globally for AI talent, innovation, leadership, and transparency. JPMorgan Chase leads the sector, followed by Capital One and Royal Bank of Canada.
