Bad News for MBAs: AI Revolution Poised to Disrupt Entry-Level Jobs on Wall Street

  • by:
  • Source: Breitbart
  • 04/12/2024
The traditional rite of passage for young professionals seeking a career in investment banking may soon be upended by the rapid advancements in AI technology, according to a recent report.

The New York Times reports that investment banks are increasingly turning to AI to automate and streamline many of the tasks typically performed by entry-level analysts, raising questions about the future of these roles in the industry. The grunt work that has long been associated with the early stages of a Wall Street career, such as creating PowerPoint presentations, crunching numbers in Excel, and finessing financial documents, can now be completed by AI tools in a fraction of the time.

Major banks, including Goldman Sachs, Morgan Stanley, and Deutsche Bank, are already experimenting with AI software that can perform these tasks with remarkable speed and efficiency. According to Christoph Rabenseifner, Deutsche Bank’s chief strategy officer for technology, data and innovation, “The easy idea is you just replace juniors with an AI tool.” However, he also acknowledged that human involvement will still be necessary to some extent.
Wall St and Broadway signs by Roberto Júnior is licensed under Unsplash

Get latest news delivered daily!

We will send you breaking news right to your inbox

© 2024, Privacy Policy