By Lananh Nguyen and Saeed Azhar

NEW YORK (Reuters) -Bank of America plans to spend billions of dollars on technologies such as artificial intelligence to boost bankers’ productivity and bring in more revenue, its chief technology and information officer said on Monday.

BofA plans to allocate $4 billion into new technology capabilities from its $13 billion tech budget, the company told investors earlier this month. It plans to use AI more widely across all its businesses.

“How many clients can a given relationship banker cover if you’re able to actually automate that process using AI,” such as preparing client briefing documents before meetings, Hari Gopalkrishnan, who took over the role at BofA in July, said at the Reuters Momentum AI Finance conference in New York. “You now can have a

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