This year, 40000 new recruits will be in the US Bank, facing Wall Street, which is being modified by AI.

According to information from IT House on 3 June, the Bank of America recruited nearly 4000 summer interns and full-time recruits this year, roughly half the size of last year.

Josh Brownstein, Global Talent Manager, United States Bank, said that about 240,000 people had not applied for 2000 internships this year, with an admission rate of about 0.8 per cent. The increase in the number of applications this year is due to two factors: AI tools make it easier to submit applications and real competition is indeed more intense.

According to his presentation, recruitment at the junior level remained the strategic focus of the Bank, and in particular it was hoped that applicants with “long-term career planning”, i.e. those who were willing to bind future career development to the Bank of America, would normally be offered a return offer.

Brownstein claims that it is not in a position to predict whether and how the number of young staff will change in the future, but the financial industry has experienced many rounds of technological change in the past and the Bank will continue to invest in entry-level talent.

This summer's intern at the Bank of America will face a Wall Street rewrite by AI. In the past, the work of interns has included assisting in the production of pitch decks and modelling, which can now be done by the AI tool. Next, many interns need to learn to use AI to handle such work and devote more time to higher-level assignments.

Brownstein states that as “technological skills half-lives” continue to shrink, banks in the United States place greater emphasis on “human skills” of young applicants, such as judgement, resilience and so forth. While technical capacity is important, the task of being competent to automate AI still requires people to do it.

The Bank of America, CEO Brian Moinihan, previously indicated that the total number of United States bank employees exceeded 213,000. Currently, the Bank has cut down on business and process-processing positions, and recruitment continues in key areas such as relationship management, technology and network security.

Moinihan hopes that the candidates for the United States dollar and silver will be “intellectual” and “quiet”. “In-depth study of an area and a true understanding of an area, but also to extend curiosity to more subjects.”

According to IT House, upon taking up their duties, American bank interns will be a new group of Wall Street newcomers who have been in contact with AI since the first day of their training.

Brownstein indicated that interns would receive AI training corresponding to their respective business lines. The Bank is also rethinking how to train young employees, as many of the manual basics that once defined Wall Street ' s early vocational training will no longer require a significant amount of time to be spent in the future. “The starting point for these colleagues is changing when they enter their posts. We must model them to quickly gain experience and judgement. In the past, they may have gained these judgement in their first or second year of service by carrying out certain tasks with their own hands, but now, or very soon, AI and other technologies can do those tasks.”

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