https://www.nytimes.com/2024/04/10/business/investment-banking-jobs-artificial-intelligence.html
“The structure of these jobs has remained largely unchanged at least for a decade,” said Julia Dhar, head of BCG’s Behavioral Science Lab and a consultant to major banks experimenting with A.I. The inevitable question, as she put it, is “do you need fewer analysts?”
Some of Wall Street’s major banks are asking the same question, as they test A.I. tools that can largely replace their armies of analysts by performing in seconds the work that now takes hours, or a whole weekend. The software, being deployed inside banks under code names such as “Socrates,” is likely not only to change the arc of a Wall Street career, but also to essentially nullify the need to hire thousands of new college graduates.
Many of those tools are still in the testing phase, and will need to be run past regulators before they can be deployed at scale on live work. Bank of America’s chief executive said last year that the technology was already enabling the firm to hire less.
Among Goldman Sachs’s sprawling A.I. efforts is a tool under development that can transfigure a lengthy PowerPoint document into a formal “S-1,” the legalese-packed document for initial public offerings required for all listed companies.
The software takes less than a second to complete the job.
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