The traditional rite of passage for young professionals seeking a career in investment banking may soon be disrupted by rapid advances in AI technology, according to a recent report.
The New York Times reports that investment banks are increasingly turning to artificial intelligence 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 long associated with the early stages of a Wall Street career, such as creating PowerPoint presentations, crunching numbers in Excel, and perfecting financial documents, can now be complete with 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 to replace young people with an AI tool.” However, he also acknowledged that human involvement will still be necessary to some extent.
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