BNY CEO Says AI Is a Job Creator, Not a Destroyer
BNY is a major global asset-servicing and financial-infrastructure provider with about 47,000 employees and annual technology spending of $4 billion. As financial institutions accelerate their adoption of generative AI, automation has fueled concerns about the displacement of white-collar workers. BNY’s ability to turn efficiency gains into growth and hiring could therefore serve as an important industry benchmark.
On May 4, 2026, BNY CEO Robin Vince told the Milken Institute Global Conference in Beverly Hills, California, that AI could cut costs in existing businesses and free up funds for investment, helping companies enter new markets and create jobs. He said the results would be reflected in revenue and pretax profit per employee, producing positive operating leverage rather than simply leading to layoffs.
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The history behind this eventBofA Economists Say AI Will Create New Types of Jobs, Not Simply Replace Workers
Bank of America economists say AI’s impact on the labor market will extend beyond replacing workers and could also create new roles, industries and business models. Some existing jobs will disappear or evolve, but productivity gains and new demand are expected to redistribute employment opportunities, making corporate investment and workforce training increasingly important.
BofA’s latest report says AI adoption is more likely to create new types of jobs than simply reduce vacancies, emphasizing that technological change will both displace roles and generate new demand. However, available reports do not disclose the report’s publication date, estimates for the number of new jobs created or investment amounts. The current focus therefore remains on the likely direction of changes in employment structures and productivity.
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