Cover Letters for experienced Analyts

Is it worth it to spending the time drafting a cover if you are an experienced analyst? I’ve heard from multiple sources that none of them are ever read, and seems like a massive waste of time to create new ones for different banks. The only upside I see is having the opportunity to express why you are interested in the position, but there is a high chance it will never be seen. Please share with me your pros and cons!

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