AI Is Poised to Replace the Entry-Level Grunt Work of a Wall Street Career - The New York Times

AI "can replace much of Wall Street’s entry-level white-collar work, raising tough questions about the future of finance". On the one hand the work - "Pulling all-nighters to assemble PowerPoint ... Punching numbers into Excel ... esoteric financial documents that may never be read" - sounds a pretty dismal "rite of passage in investment banking". But this could be a longterm problem, as that's where they "learn the building blocks of corporate finance... mergers, public offerings and bond deals".

"Top executives ... are debating how deep they can cut their incoming analyst classes", with some suggesting a 2/3rd cut possible plus paycuts for those lucky to get hired. "Accenture estimated that A.I. could replace or supplement nearly three-quarters of bank employees’ working hours".