America’s oldest bank is going all in on AI. BNY spends nearly $4 billion a year on technology, or about 19 percent of its revenue – a proportion far higher than any of its big-bank peers. But the big concern around the bank industry’s AI spending right now is what the return will be. CNBC’s Leslie Picker dives into BNY’s latest AI efforts and what it could mean for the future of the firm.
Reporting by: Leslie Picker
Senior Producer: Ritika Shah
Senior Managing Producer: Tala Hadavi
Graphics: Emily Park, Darren Geeter
Camera by: Oscar Molina and Alexander Bedoya
Edit by: Edward Fetner
Additional footage: Getty Images
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America’s Oldest Bank Bets Big On AI Amid Arms Race
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