According to a new record, the standard rite of passage for young professionals looking to work in investment bank may soon be replaced by the rapid developments in AI systems.
According to The New York Times, investment institutions are increasingly using AI to simplify and streamline many of the things that entry-level experts usually perform, which raises questions about the future of these positions in the sector. In less time than the traditional methods of completing financial papers and PowerPoint presentations, which have long been associated with the beginning of a Wall Street job, can now be done using AI tools.
WASHINGTON, DC – APRIL 05: Jamie Dimon, chairman and CEO of JPMorgan Chase &, Co. ( Photo by Mark Wilson/Getty Images )
Big banks, including Goldman Sachs, Morgan Stanley, and Deutsche Bank, are currently experimenting with Artificial program that can perform these tasks with amazing speed and efficiency. According to Christoph Rabenseifner, Deutsche Bank’s chief strategy officer for systems, data and development,” The simple idea is you only exchange students with an Artificial tool”. He also acknowledged that human involvement will still be required in some cases.
The impact of AI on the investment banking sector has a significant potential. According to Accenture, AI could replace or extend nearly three-quarters of bank employees ‘ working hours across the sector. In response, senior bank executives are debating how much they can reduce the number of incoming analyst classes, some recommending reductions of up to two-thirds.
Jamie Dimon, chief executive of JPMorgan Chase, compared the consequences of AI to those of” the printing press, the steam engine, electricity, computing and the internet, among others” in his annual shareholder letter. He also made the point that AI “may reduce some job categories or roles” and cited the technology as one of the most pressing problems facing the nation’s largest bank.
The use of artificial intelligence ( AI ) in investment banking is not limited to entry-level positions. Banks are also looking into the use of AI in other fields, such as identifying potential clients for bond offerings, analyzing economic data, and developing investment plans for clients in wealth management.
Read more at , the New York Times here.
For Breitbart News, Lucas Nolan is a reporter covering issues involving free speech and online censorship.
