BAC News & Events

IBM (IBM) and Red Hat announced Project Lightwell, a $5B commitment backed by new frontier AI capabilities and a global force of more than 20,000 engineers to help enterprises secure open-source software. Together, these investments establish a new model for enterprise use of open-source software, from upstream development through production environments. Project Lightwell will establish an enterprise clearinghouse combined with a force of engineers to identify and fix vulnerabilities at scale. The clearinghouse will serve as a security coordination layer, using advanced AI capabilities to validate and test fixes across an unprecedented volume of open-source code. These capabilities will be offered through commercial subscriptions, allowing enterprises to integrate secure patches directly into their existing software supply chains with enterprise-grade validation and lifecycle management. IBM and Red Hat have already begun collaborating with a select group of early adopters on Project Lightwell, including Bank of America (BAC), BNY (BK), Citi (C), Goldman Sachs (GS), JPMorganChase (JPM), Mastercard (MA), Morgan Stanley (MS), Royal Bank of Canada (RY), State Street (STT), Visa (V) and Wells Fargo (WFC). Project Lightwell builds on IBM and Red Hat's open source, enterprise AI and security, and incorporates learnings from initiatives such as Anthropic's Project Glasswing and OpenAI's Trust Access for Cyber, with a goal of utilizing new IBM agentic security methods to protect the foundational open source layers that underpin modern enterprise and AI systems.

Speaking at the Bernstein Strategic Decisions Conference, Bank of America Chairman and CEO Brian Moynihan said in response to a question about updates in terms of the near outlook: "You know I think if you look at us for this quarter, just to give you a sort of an update, I'd say the NII we told you what would happen in the extra day and stuff. We feel good about that. We move the range of 5 to 7 for the year up to 6 to 8. We feel good about that. You should expect this quarter will be good and solid on that. On investment banking and trading, we are doing I think trading I think like a 15% increase year over year. You have got to be careful year over year. You've got to remember last year was liberation quarter. So some of these numbers will look big. Investment banking is in pretty good shape. Wealth management in the low teens year over year. So we feel good about that."