Wall Street’s entry-level junior analyst jobs are now at risk because of Artificial Intelligence. Big finance firms like Goldman Sachs and Morgan Stanley are considering cutting hiring by up to two-thirds due to AI taking over tasks, as per the reports.
These firms didn’t respond when asked about it. Junior analysts usually work 80 to 100 hours per week, doing repetitive work like updating charts and valuation tables. Many junior bankers are complaining that even with AI, they still have to do the same boring tasks, as per the Fortune report.
According to the Bloomberg report, Recruiter Jeanne Branthover said working as a junior analyst is like being a pledge in a frat, you have to suffer to rise. Still, these jobs are very popular because of the high salary and great career growth. The work mostly involves researching financial data, trends, and risks, but most of the time it’s just grunt work.
LinkedIn’s Aneesh Raman said AI is “breaking” entry-level jobs that Gen Z wants. He also said the AI impact will soon hit fields like finance, travel, food, and professional services, as per the New York Times reports.
Michael Ashley Schulman said AI is already being used in finance to answer risk, financial, and legal questions. Christoph Rabenseifner from Deutsche Bank said, “You can just replace juniors with an AI tool,” but humans still need to make final decisions.
Schulman also said AI won’t completely wipe out these jobs, but fewer people will be needed. Future junior analysts may become data checkers instead of data gatherers, double-checking AI’s work and exploring deeper insights. He also said future Wall Street workers will look more like computer science, data, or statistics majors, though creativity and business sense will still be important.
Tim Bates, a professor at the University of Michigan and ex-CTO of Lenovo and GM, said AI will not replace jobs fully but will change what those jobs involve. Bates advised students to learn AI tools, data analysis, and client strategy skills to stay useful. He said Wall Street jobs will become harder to get, and students should also look at fintech, consulting, or corporate strategy roles, as stated in the Fortune report.
Michelle Enjoli, a career coach and TED speaker, said AI models still have risks, so companies will be careful before replacing humans. She thinks AI will be used more as a support tool, not a full replacement, at least for now.
Enjoli said students and workers must stay updated on how AI affects their industry to remain valuable. She called AI an unavoidable disruptor and said people should adjust and learn how to work with it, as per the Fortune report.