04.10.24
The Worst Part of a Wall Street Career May Be Coming to an End
by: Rob Copeland
Investment banks are turning to generative artificial intelligence (AI) to perform tasks traditionally performed by human analysts. Top executives at Goldman Sachs, Morgan Stanley and other banks are discussing how deep they can cut their incoming analyst classes, according to insiders. Some have suggested they could cut back on their hiring of junior investment banking analysts by as much as two-thirds and slash the pay of those they do hire, on the grounds that the jobs won’t be as straining as before. Consulting giant Accenture estimated that AI could replace or supplement nearly three-quarters of bank employees’ working hours across the industry.
Read the full article on The New York Times