BofA CEO Says Wall Street Has “Some Work To Do” Before Embracing AI Chatbots

Recall last month, a slew of Wall Street banks blocked the use of OpenAI’s viral ChatGPT chatbot that generates text in response to a short prompt. Now Bank of America Corp. CEO Brian Moynihan has spoken out against the popular technology, saying Wall Street has “some work to do” before embracing AI chatbots. 

During Moynihan’s virtual appearance at the AFR Business Summit in Sydney on Tuesday, he noted that ChatGPT is problematic due to its inaccuracy and deficiency in data-based responses, according to Bloomberg. He added the technology has to be “applied correctly.” 

Moynihan’s comments are some of the first big bank CEOs to speak about using artificial intelligence in the office. 

About two weeks ago, BofA executives told employees that ChatGPT is prohibited from business use. Internal meetings at the bank revealed the chatbot technology must be properly vetted before it can be used for business communications, and there were concerns about third-party software. 

Besides BofA, Citigroup Inc., Deutsche Bank AG, Goldman Sachs Group Inc., and Wells Fargo & Co were other big banks that banned ChatGPT last month. 

Moynihan also said, referring to ChatGPT, “some third party providers can create a hole in your network… No enterprise is too big or too small not to worry about” cyber attacks.

ChatGPT has become an internet sensation in recent months. Buzz about its future potential and efficiencies in the workplace should concern some workers as AI might take over their jobs this decade.