Digital Employees and AI Bootcamps Drive BNY’s Multibillion-Dollar Tech Push

America’s oldest bank is quietly reshaping how work gets done as it pours billions into artificial intelligence, automation, and workforce upskilling. At BNY, more than 130 so-called “digital employees” are now operating alongside human staff, handling narrowly defined repetitive tasks around the clock.

Unlike traditional software tools, these digital workers are assigned specific roles and evaluated on performance, freeing human employees to focus on judgment-driven and client-facing work. Bank executives say the initiative is not about replacing people, but about unlocking capacity across operations.

The strategy comes with significant investment. BNY spent roughly $3.8 billion on technology in 2025 - nearly 19% of its revenue - the highest proportion among its large U.S. banking peers. The spending reflects a broader push across Wall Street as financial institutions race to deploy AI at scale while investors increasingly ask when returns will materialise.

AI investment without job cuts

Despite a gradual decline in overall headcount over the past two years, BNY’s leadership has pushed back on the idea that AI is being used as a cost-cutting tool. Executives describe automation as a growth enabler rather than a substitute for people.

Industry analysts are watching closely. Research from Goldman Sachs has identified BNY as one of the companies most likely to benefit from AI-driven productivity gains, estimating a potential boost of nearly 19% to earnings per share over time.

Across the sector, competitors including JPMorgan Chase, Bank of America and Citigroup are also ramping up AI spending. Analysts caution, however, that success will depend less on how much is spent and more on how effectively technology is embedded into daily workflows.

Training humans alongside machines

Alongside automation, BNY has focused heavily on reskilling its workforce. Soon after the public release of generative AI tools in 2022, the bank launched an internal AI Hub and rolled out a proprietary platform called Eliza, which integrates multiple AI models with the bank’s internal data and compliance systems.

Nearly the entire workforce has completed baseline AI training, while thousands of employees have attended multi-day bootcamps designed to help non-engineers automate parts of their jobs. The goal, executives say, is to democratise AI use across the organisation rather than limit it to technical teams.

For a 241-year-old institution, the juxtaposition is deliberate: blending deep financial history with emerging technology. As banks navigate rising costs, competitive pressure and investor scrutiny, BNY’s approach signals that the next phase of AI adoption may be less about spectacle - and more about quietly rewiring how large organisations operate.