BNY says it now tracks its AI token spending to avoid overpaying

BNY has built tools to track how it spends AI tokens and to route tasks to the most suitable models, CFO Dermot McDonogh told Bloomberg Television. The bank runs about 400 AI agents and spends $4B a year on technology. Banks are under pressure as AI bills rise. BNY has built tools to track how much it spends on AI and to send each task to the most suitable model, chief financial officer Dermot McDonogh told Bloomberg Television. The aim is to avoid overspending as AI costs rise. “ We’ve become quite disciplined and developed some sophisticated telemetry so we can track how we’re spending and how we’re using our tokens, ” McDonogh said. “ We don’t use expensive models for cheap queries, ” he added.