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AI is coming for Wall Street: Banks are reportedly weighing cutting analyst hiring by two-thirds
"The easy idea is you just replace juniors with an AI tool," a Deutsche Bank chief strategy officer told the New York Times.
Big firms are reportedly mulling whether to pull back on hiring new analysts as Wall Street leans more heavily on AI, several people familiar with the matter at Goldman Sachs, Morgan Stanley, and other banks told the publication this week. Incoming classes of junior investment-banking analysts could up being cut as much as two-thirds, some of the people suggested, while those brought on board could fetch lower salaries, on account of their work being assisted by artificial intelligence. "The easy idea is you just replace juniors with an AI tool," Christoph Rabenseifner, the chief strategy officer for technology, data, and innovation at Deutsche Bank, told the Times, though he noted it would still be necessary to keep human staff.
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