How Digital Employees Are Transforming America’s Oldest Bank
At America’s oldest bank, a new group of workers has joined the workforce. They never rest, take leave, or clock out. BNY now employs 134 “digital employees” designed to handle specific, repetitive tasks alongside human staff.
These digital workers are assigned defined roles and measured by performance, just like traditional employees. Many of their duties were previously carried out by people.
Freeing Humans for Higher-Value Work
According to Rachel Lewis, head of payment operations at BNY, digital employees operate continuously and focus on routine processes. This shift allows human employees to concentrate on more complex, creative, and decision-based work.
The goal, she says, is not replacement but redistribution of effort toward more meaningful roles.
Workforce Shrinks, But Not Because of AI
BNY currently employs about 48,100 people, down from more than 53,000 in 2023. Despite the decline, executives say artificial intelligence is not yet driving job cuts.
Chief Financial Officer Dermot McDonogh emphasized that AI is viewed internally as a way to unlock capacity rather than reduce headcount. The bank’s focus is on growth, stronger client relationships, and better use of employee potential.
A Heavy Technology Spend Sets BNY Apart
In 2025, BNY invested roughly $3.8 billion in technology, representing about 19% of its revenue. That is the highest share among major US banks,
As Wall Street watches closely, analysts are increasingly questioning how such spending will translate into long-term efficiency and returns.
Analysts See Big AI Upside
Some experts remain cautious, describing tech investment across banking as unfocused. However, Goldman Sachs identified BNY as one of the firms most likely to benefit from AI adoption.
After analyzing labor costs and automation exposure, the firm estimated BNY could see a potential 19% increase in earnings per share from productivity gains.
Executives Stress AI Is Not a Job Threat
BNY leadership has consistently rejected the idea that AI investments will come at the expense of human workers. Michelle O’Reilly, global head of talent, said the strategy is about enabling productivity across the organization.
The bank views technology as a tool to enhance performance rather than eliminate roles.
Training Humans for the AI Era
Following the release of ChatGPT in late 2022, BNY launched its internal AI Hub. This marked a turning point, with a strong emphasis on training and adoption across the entire workforce.
Chief Information Officer Leigh-Ann Russell said the initial priority was ensuring every employee understood and could use AI tools effectively.
Eliza Platform and AI Bootcamps
BNY developed an internal AI platform called Eliza, which combines open-source and commercial models with the bank’s internal data and compliance systems.
Nearly all employees have completed a 10-hour Eliza training program. Thousands have gone further by attending multi-day AI bootcamps designed to help non-technical staff automate parts of their daily work.
Blending History With Innovation
The name Eliza honors Elizabeth Schuyler Hamilton, wife of Alexander Hamilton, the bank’s founder and America’s first Treasury Secretary.
Russell said the mix of centuries-old history and cutting-edge AI reflects how technology continues to reshape institutions over time, while keeping their core identity intact.
