Banking executives say AI will eliminate jobs; banks are cutting junior analyst classes by as much as two-thirds while sourcing roughly 62% of their AI talent from those same cohorts.

JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser, and Goldman Sachs President John Waldron have stated that AI will eliminate or replace jobs in banking. Standard Chartered CEO Bill Winters described the shift as 'replacing in some cases lower-value human capital with the financial capital and the investment capital we're putting in.'

Banks are implementing AI in specific functions: Citigroup is rolling out a conversational AI-powered wealth management avatar offering financial guidance; Barclays has summarized more than 8 million customer calls using generative AI since the program rolled out in October; Revolut launched an in-app AI assistant called AIR that breaks down customer spending.

Students entering finance face reduced entry-level roles. Banks are cutting junior analyst classes by as much as two-thirds while sourcing roughly 62% of their AI talent from those same cohorts, according to Debasish Patnaik, senior partner and leader of QuantumBlack at McKinsey & Co. Employment lawyer David Parsons noted that 'middle office is vulnerable' and that 'this wave of automation impacts jobs higher up the chain.'

Bank of America is committed to hiring 2,000 summer interns and another 2,000 full-time recruits set to join this month across eight lines of business, though the bank wants headcount to stay flat while using AI to encourage efficiency.