CJ Corp.

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

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Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-437-CJ-Corp

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

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Brian Moynihan, CEO of Bank of America, joins Leadership Next to reflect on his journey from law to banking—and how that unexpected pivot brought him to the head job at one of the world’s largest financial institutions. He shares his leadership philosophy, emphasizing the power of staying calm in a crisis and the importance of giving energy to his team, not taking it away.
Moynihan discusses Bank of America's strategic shift from aggressive acquisitions to organic growth, fueled by major investments in technology—like the AI assistant Erica. He explains why Erica is evolving from “third-grade Einstein” to near-genius capabilities.
He also shares his perspective on responsible capitalism, the importance of expanding opportunities for underserved communities, and how he's preparing the bank for its next generation of leaders.
Tune in to hear Moynihan's take on what it means to wear responsibility like a “comfortable sweater”—and how corporate leaders can help combat hate and promote dignity in today’s world.

Brian Moynihan on Leading Bank of America With Calm, Purpose, and AI

Photo Courtesy of Brian Moynihan; Graphics by Fortune

Leadership

How the CEO of Bank of America balances innovation, inclusion, and long-term vision to prove capitalism can work at scale.

For forward-thinking corporations, what used to be the administrative “back office” are now hubs of advanced productivity, specialized knowledge, and innovation. In this session, we’ll hear from experts at the forefront of the reimagination of these hubs - now called Global Competency Centers - and learn how decentralizing decision-making in this way can provide organizations with a distinct competitive edge.

AGILITY AT SCALE: WHY DECENTRALIZED DECISION-MAKING BRINGS A COMPETITIVE EDGE

Conferences

The rise of AI is reshaping workplace dynamics, creating both opportunities and challenges for corporate leaders. This session provides practical frameworks from two operational experts. Cognizant will share its trusted playbook for building cultures where AI and humans exist in harmony. And, through their unique approach to talent development and organizational design, Zillow will share insights about empowering and upskilling their workforce with AI and digital collaboration. We’ll hear from both how AI tools further their mission of fostering innovation and collaboration across geographically distributed teams.

CREATING CULTURES WHERE BOTH AI AUTOMATION AND HUMAN TALENT THRIVE

Hey, hello again everyone. uh, so I wanna start off with, uh, an interesting fact I just found out. So my colleague Brainstorm editorial director Andrew Neska recently turned me on to an interesting study done by researchers at Carnegie Mellon University who staffed a fake software company entirely with AI agents, and the results were not great. I'm sure you two might know about this, but the best performing agents. struggle to finish just 24% of the jobs assigned to it, so it's clear that we're a long way away from a world in which AI agents entirely take human jobs, uh, but that sets me up to ask you both, how are you preparing for a future where AI agents will be taking on more than ever before and how are you talking about it to your current workforces and June, let's start with you. Yeah, I mean, I'll start off by saying that, you know, while Chat GPT created this massive moment that machine learning is nothing new and at Zillow, this estimate actually was created 15 years ago using machine learning. We created the Zillow showcase product after years of research on computer vision and machine learning. So our employees are pretty familiar with AI as a tool. Now what's new is the generative AI and agentic AI capabilities. Um, and so what we've been doing to prepare, uh, folks is one, recognizing the moment, so making sure that we understand. Uh, to me it's very analogous to maybe the um the introduction of the iPhone and back when that happened, this was actually a pivotal moment for Zillow where we realized that we needed to change how we engineered our products and we went to this mobile first philosophy. If you could not build it on the phone, then you were not going to build it at all. um, so it became this expectation and sort of a cultural norm and we're trying to do the same thing right now with AI where. The idea is that you're going to use AI, um, it's coming, you're going to use it. It's not really a choice, and the question is which tools are you going to use and which problems are you going to solve, how are you going to adopt it. So we've been, um, we introduced something called AI days where employees will come and really showcase their products or that they built so product managers building prototypes and repli and engineers using cursor to to to write code. So, uh, employees really showing how. AI can augment their work and that takes a little bit of the focus away from replacing to augmenting and making humans more effective. That is helpful. And, before you say your answer, can you also just give us a brief overview of what cognizant is and does before you answer too? Yes, so I think Cognizant is a 360,000 people company where we collaborate with our customers in technology landscape, to put it simply. The business which I represent, um, in traditional terms is called BPO. I refuse to call it BPO and I'll give you, uh, I'll tell you why, uh, because if you look at these 93,000 people, we are known for deep industry vertical specific BPO. I have 4000 doctors, nurses, pharmacists amongst these 93,000 people. I have music composers, uh, and you have these AV rooms where they can go and record music. Um, similarly, we have, uh, uh, you know, geospatial specialist on our workforce. So that's our calling card if I may, and I would describe this business what used to be as human-led and human powered, and we are now pivoting to human-led and AI powered business in this space. See, the, the effort that went in that powered the system of action for our customers was human effort. Now, we will see a world where you will have a blend of human and AI agents working together. And that's why we would, uh, I mean, our business has done well, arguably in the last 5 years, 3 years we were the leading group in the, in the industry. Uh, going forward, we want to be the best in class AI powered BPO company on this planet. How many of you out here feel like your company has a clear AI strategy? OK, all right, a little less than half, I think that's what I figured. I'm curious from both of you what is the hardest pushback you faced from employees or leaders when trying to implement AI and how did you work to overcome that, June? Yeah, I mean, I think for Azilla what what I've seen is that the hardest um. The hardest block is actually inertia and it really is not that different than any new technology that we've asked people to adopt um I remember when we switched from Microsoft Office to the Google Cloud, um, you know, there's there's a learning curve there and there's inertia and I think in general people become, uh, you know, very familiar with certain ways of doing things and breaking habits is really hard and so in that sense getting people to. AI is actually nothing new. It's actually the same, you know, I think of it as a very similar to the problem we have when we're selling software where, um, you know, you can sell the software, but in order for clients to really adopt it, you have to point out the benefits and connect the dots maybe a little bit in an obvious way how it can help them um and then once you focus on the benefits of what AI can do for the humans, then the humans, the light bulb goes off and you'll see the early adopters, um, really take off. And then you'll see other people going, oh shoot, I should, I really need to catch up. And so we're right at that inflection point right now where a lot of the early adopters are doing great work with AI and the rest of the employee base is realizing, oh, I need to catch up. I feel like I need someone to give me an instruction on like, here is how you should do it and here is how it can help your life. Gesh, how do you, how do you figure that out at cognizance? I think I would like to reframe the question. It's not just people, even I'm scared. So when we think that others are resisting and I'm with it, I think that's a fundamentally in my view, a flawed approach that is fear, fear of uncertainty, fear of unknown, fear of ambiguity. In many ways this, this conference is helping me overcome fear because I'm listening to greatspective, great perspective, right? So, um. I, I believe senior leadership does not have monopoly on good ideas. So if we can involve them in our future, if they find their fingerprint in the painting that we are going to create of the future, uh, they get co-opted and it's not just your team members, it's actually customers. It is extremely important for us to co-opt our customers in the journey. Because what we create has to be relevant for our customers. So, uh, the methodology which I adopt is co-opting them. Rather than telling them what to do, and we also have an acronym, sorry, I mean, I, it's a short time, so but I'll, I'll share it with you. We discussed about sculpt the future, and each alphabet has uh S stands for strategy and structure. CU stands for culture and customer. L stands for leadership, P stands for people and process, and P stands for technology. And for a specific reason, P is last. Because there is so much chatter about technology, it, it literally dominates everything, but this is also about strategy, culture, structure, leadership, people, all of the above, and I think it is the biggest opportunity for me. Along with my team in 38 years of being in the industry, it's, I feel like a kid in a toy shop. Yeah, I think culture is so important, and I'm gonna come to the audience in just a second for questions, but I want to touch on culture, and I'm curious how AI has changed each of your cultures for better or for worse, um, in the past couple of months. Ganesh, I'll start with you. I think, um, as I said, if you want to co-opt them, we really need to build a culture of experimentation. Uh, and we need to have a tolerance for failure. Not failing our customers, but failing early internally because we are going to try things and there are things which will not work and uh and we really need to celebrate responsible failures as well. So culture is a tough thing, it's not easy to, to navigate. It's easy to speak about it on on the stage, but whether it gets practiced, whether it gets percolated down to to individuals, there will be subcultures. But ultimately, we are going to have a structure where it is not hierarchical so that the culture Uh, also permeates faster in the organization. It's a journey ahead. Are we there? No, we are not there yet, but we intend to be there. June, what's the most surprising way to change Zillow's culture? Um, I'm not sure if it's surprising, but a delightful way that it has changed our culture is that it's, um. You know, uh, it's really enhanced our culture of excellence, and we really, um, you know what AI does is it allows your top performers, uh, your most valuable employees to be more productive. I, you know, I'm not sure about the digital twin technology yet, but, but there is this idea of multiplying. There there's an idea that you can multiply yourself through AI, right? You can take AI to go and use it as a tool for communication, expression. One of the, um, you know, we, we moved to cloud HQ with COVID and stayed there, and one of the skills, sorry, Cloud HQ is basically fully remote work. So all of our employees are fully remote, and we had to relearn how to do a lot of things. One of the things that our employees really had to learn was moving from Um, slides with bullet points that you could voice over to actually being able to write documents so that you can communicate asynchronously with someone in a different time zone and we found that our employees were actually lacking in some of those writing skills. So what AI has been able to do is now, you know, everyone has this employee who has great. Ideas but struggles getting the words out and chat GPT can help them. They can write in bullet points and prompts and now they can write this beautifully worded document. So it's really kind of helped our best employees become better and really extended this culture of excellence that we have. We have time for one question. I see one here in front. Angel, Mike is coming to you. I have a question for you around um like enterprise optimization. So the idea of being able to like augment and get more performance out of individual people makes a ton of sense and I we're doing that quite well today, but when I'm thinking about like what would it look like to have like a, you know, kind of an order of magnitude optimization by with AI, how are you identifying those use cases? Do you feel like you've been able to do that already? And I think there's also so many companies that are starting to spin up with recommendations and offerings. Um, and we're trying to move fast. How are you making those decisions? Yeah, I think the key there, I mean, actually I'll go back to an example that's not even generated AI, the older machine learning, so we have this product called Zillow Showcase where just to describe it, a photographer goes into a home, takes some pictures, 3D home panoramas, and then it gets stitched together into a 3D home tour and an interactive floor plan. And the initial version of this required a lot of human intervention and was very expensive and was never going to be scalable. Traditional coding was not. Help us solve this problem, so the team leaned on AI and we were able to lower the cost of producing these interactive floor plans by something like 90%. So I think if you identify a problem and if you have AI experts in your organization who can look at a problem and say, oh, this is an area where traditional coding is going to fall short, but machine learning will get us an order of magnitude. That's where I would focus the AI efforts. And so a lot of what I try to do is Um, identify the problems where we want to direct the resources because I'm not the AI expert. I, I think there are two spectrum, if I may 1 is this whole concept of productivity. I, uh, and this belongs to our customers. I'll give you an example of Life Sciences customer, the regulatory compliance, what used to take 22 people, 6 months to do. Now 6 people are able to do it in 2 days. So that's the productivity and this is real, live and running. Uh, but the other spectrum, we carry the concept in order to personalize we need to do something, we need a critical mass or certain scale. I think with the advent of agent T KI and if we create micro agents, literally the atomic unit can be one, and you can hyperpersonalize for the unit of one. Without necessarily increasing the cost. So this is going to present tremendous opportunities for all of us to, uh, to capitalize on this ability of agent TKI going forward, and that's what I think would be exciting for all of us. I totally agree, and I wish we had time for more questions because you know I can ask them away, but thank you both for your time and thank you for the great questions.

It's safe to say that the global trade landscape today is like a rollercoaster, with corporate leaders being left to manage the cascading impacts of shifting tariff policies, a head- spinning geo-political landscape and talks of stagflation. The challenges make building a resilient supply chain a business imperative. Is AI the solution to navigating these turbulent waters? We'll hear from two leaders about their strategies for building adaptive supply chain frameworks that are made to withstand geopolitical pressures and regulatory changes –  essential knowledge for operational executives balancing short-term volatility with long- term strategic vision. 

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