News Summary

• Bank of America brought in about 1,000 outside contractors in the second quarter to repair software weaknesses exposed by AI models.
• Chief executive Brian Moynihan disclosed the figure in an interview with CNBC after the bank reported third-quarter results.
• About 3,000 of the bank’s own staff were already assigned to the same work before the contractors joined.
• The weaknesses lay in the code used by both the bank and its outside vendors.
• The compliance spending follows Treasury penalties of more than $1.21 billion announced on 13 October.