NYT Says Analyst Jobs in Investment Banking are being taken by AI

At GS no

Absolutely. It true - total bullshit

Bank AI teams are total jokes and nothing they build is working properly. Their productivity is less than snails climbing tree. My friend told me the adoption of new technology is extremely slow due to all the cumbersome legal, compliance, and security roadblocks.  Cloud came out a decade ago and today many banks still haven’t fixed their horrible Cloud tools. I say by the time that the bank finish implementing the AI, it would be 2050. 

Which senior corp exec would NOT say they're using AI? And do you realize what an empty statement 'at least testing it' is?

Read the article, thought it was hilarious. AI will kill the creatives first (like the NYT) by quickly summarizing information. Ideally, we'd have a situation where you'd describe to an AI how you'd like to read the news (i.e. bulletpoints on US current events) and it would curate that for you. 

I can't wait to see the legal ramifications of having chatgpt make your company teaser, and proceed to confidently list off incorrect stats. 

Damn, I was kind of optimistic that someone was figuring this out haha. Guess it's just seniors at banks flexing without actually understanding what's required to make that happen. I do agree with AI generated work having problematic legal implications, you wouldn't be allowed to completely rely on it for anything. Guess I will be advocating for another analyst instead LOL.

All of the writers at the NYT will be replaced with AI (which will undoubtedly produce more accurate reporting) before any IB analyst class is lol

For context, the overall subject-matter has been reported elsewhere, in addition to the New York Times, and is an ongoing discussion often mentioned (albeit without anything concrete on the subject ever stated, to my knowledge).

For context and discussion, I copied a portion of what was featured on eFinancialCareers.com (Headline"Morning Coffee: Goldman Sachs & JPMorgan's 22-year-olds on $100k salaries may go extinct.").

From eFinancialCareers (April 11, 2024):

https://www.efinancialcareers.com/news/analyst-jobs-investment-banking-ai

Excerpt from eFinancialCareers.com, article by Daniel Davies (omitting links to other articles), for context and discussion:

Headline: "Morning Coffee: Goldman Sachs & JPMorgan's 22-year-olds on $100k salaries may go extinct."

[ . . . ]

"Anyone hoping to work in investment banking is likely to be worried right now that in the words of Jamie Dimon, “artificial intelligence may reduce certain job categories or roles” . They might be reassured to hear JPMorgan spokesman Nick Carcaterra saying that “In the near term, we anticipate no changes to our incoming analyst classes”. Or they might not.

Because apart from anything, in a fast moving field like AI, the “near term” isn’t a very long time. And it seems like many of the jobs of junior bankers are really quite close to being replaced. Goldman has a piece of software under development which can “turn text and data collected from thousands of sources into page presentations that mimic the bank’s typeface, logo, styles and charts”. And presumably the robot will never need to “pls fix” any misplaced logos or incorrect fonts. 

Of course, the fact that junior bankers’ current tasks are being replaced isn’t necessarily bad news.  Employers will still need senior bankers, and so they will still need some way to keep that pipeline full. But it might affect the recruitment process, in a manner not necessarily to the advantage of the elite young graduates who currently get paid six figure sums to hang around for three years editing PowerPoints at 3am while looking for private equity jobs.

At present, the deal is that the bank will provide years of expensive training in return for what former banker Gabriel Stengel calls “One hundred percent drudgery”. If they don't need the drudgery anymore, banks might be a little more reluctant to provide the apprenticeship.

This is particularly true given that some banks expect to be able to automate some of the more advanced parts of the job as well. Jay Horine, JPM’s co-head of investment banking, thinks that AI will be able to identify clients ready to do a bond offering, for example. 

In that sort of world, banks might be looking for different qualities in their recruits; they will have less need for extremely dedicated and ambitious graduates who are prepared to put in hours learning the nitty gritty of the business and more need for creative thinkers, good people skills and the ability to write a prompt for a large language model. As Horzine says, “My hope and belief is it will allow the job to be more interesting”.

Perhaps the banks will start recruiting junior bankers from arts degrees or even from wholly different walks of life? Or perhaps they just won't recruit junior bankers in nearly such large numbers as before: banks like Goldman Sachs and Morgan Stanley are reportedly contemplating cutting the size of their new analyst classes by two thirds as AI assumes their tasks. 

Artificial intelligence seems less disruptive in sales and trading jobs, where it seems the future might be a lot more rosy; according to BNY Mellon’s chief executive, research analysts are now using AI to read and summarise overnight data and managing to get two hours more sleep. . . ."

(eFinancialCareers, April 11, 2024)

- - - - - - - 

I think the key part (in article, above) where some here might take issue, and a likely discussion point, is where stating:

"Of course, the fact that junior bankers’ current tasks are being replaced isn’t necessarily bad news.  Employers will still need senior bankers, and so they will still need some way to keep that pipeline full. But it might affect the recruitment process, in a manner not necessarily to the advantage of the elite young graduates who currently get paid six figure sums to hang around for three years editing PowerPoints at 3am while looking for private equity jobs."

Don't MS -- I didn't say it -- I am merely posting the article link/quote, to provide context for discussion. 

I feel like at this point there has to be another tech bubble.  Too many promises about AI have been made that will never come true and it seems like every company is lying about how much work it's actually doing.