Bank of America CEO Brian Moynihan brought a cautiously positive view of the economy to Hobart and William Smith Colleges, along with a warning for students preparing to enter a workplace shaped by artificial intelligence: Learn to use the technology without letting it replace your own judgment.
Speaking with HWS President Mark D. Gearan at the 2026 Anderton Economic Policy Symposium, Moynihan described AI as a powerful tool that could change how professionals work and help researchers sift through vast amounts of information. But students who rely on it without checking its work risk losing the curiosity and critical thinking their education is meant to build, he said.
That curiosity has shaped Moynihan’s career. A history major who later practiced law, he said reading widely helped him make connections outside his immediate interests. He urged students to keep doing so after graduation, rather than limiting themselves to information selected by an algorithm.
What the bank sees in the economy
Moynihan said Bank of America’s customer transactions offer a view of what consumers are doing, which can differ from how they describe their finances. Spending among the bank’s customers in September was about 5% higher than a year earlier, he said. Cruise bookings were up about 13%, and restaurant spending rose roughly 3% to 4%.
He called the economy “solid,” while acknowledging that inflation, interest rates and borrowing costs remain concerns, particularly for small and midsized businesses. Rather than try to predict the next turn, he said he focuses on current evidence about consumers and businesses.
Leadership during a crisis
Moynihan also drew on his experience during the Sept. 11 attacks and other crises to discuss management. Leaders need to listen, explain the purpose behind employees’ work and remain steady when others are anxious, he said. A new manager’s job is to help a team succeed, rather than continue doing the work that earned the promotion.
Asked about the private sector’s responsibilities, Moynihan pointed to Bank of America’s wages and benefits. The company raised its U.S. minimum hourly wage to $25 last year, he said, arguing that better compensation has helped reduce turnover and improve productivity.
The symposium, established by former HWS trustee James F. Anderton IV ’65, brings leaders in economics and public policy to campus for conversations with students.
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