Thursday, January 16, 2014

Brian Moynihan details Bank of America’s tech spending

A 'Teller Assist' ATM
During Bank of America’s fourth quarter earnings presentation Wednesday, CEO Brian Moynihan shared how much the company spends a year on technology development, such as for mobile banking.

The figure is $3 billion. Looked at another way, the bank’s 2013 noninterest expenses were $69.2 billion, of which $3 billion is 4.3 percent.

Moynihan provided the figure when an analyst asked about the bank’s spending on mobile technology. Moynihan said he expects the bank’s level of tech spending to “stay constant.”

Automated teller machines are one area in which the bank has been investing. Last year, the bank introduced new "Teller Assist" ATMs that feature video screens that provide real-time access to tellers in call centers. The bank is installing those ATMs across the country as it reports more customers conducting transactions on their phones instead of in branches.

(Photo courtesy of Bank of America.)


Anonymous said...

IT's really easy to spend that kind on money when you cut so many people.

I would think you would want to invest in resources and not hardware.

Anonymous said...

you're an idiot

Anonymous said...

Getting hired doesn't mean your job is a permanent fixture in any company. As an individual, you need to improve yourself and if you are ever hired as a big push to fix something, chances are, there will be a correction and some or all of those jobs go away.

I was previously responsible for forecasting $1B of the $3B technology spending and most of it is people and these groups are are hiring...all the time to meet the needs of their projects and some resources go away when the projects are over.

Anonymous said...

Eliminate the middle man, e.g, the staffing firms, hire the worker on a contract basis temporarily using the contract terms as you would with the staffing firms, and if the worker is worth hiring, then do it or restructure that worker's contract, but stop playing games with people's lives! Or else, the worker can go to a competitor.