Wall Street has "some work to do" before using popular technology such as ChatGPT, Bank of America Chief Executive Brian Moynihan warned, saying that inaccuracy and lack of data-based responses make the popular text-generator a challenge.
Digital technology for banking may be powerful, Moynihan said in a virtual appearance at the
Moynihan's comments were the first he's made publicly on the use of artificial intelligence and other non-official sources like ChatGPT, with Bank of America recently telling employees that they're prohibited from business use.
No stone can be left unturned as "some third party providers can create a hole in your network," he added. "No enterprise is too big or too small not to worry about" cyber attacks.
Moynihan, who spoke from Boston, also said he expected US rates to hit around 5.25 or 5.5% and remain there "for a long time."
"I think you're going to see a slowdown, which frankly, a lot of people are not going to see that much of," he said. "It'll be more of a technical recession. It won't be a deep drop in the GDP in the US."
He said he saw the global economy growing at 2.5 to 2.6% as levels normalize worldwide, while China — the world's second-largest economy — will expand at 5%.
—With assistance from Katherine Doherty.
