Investment Banks Still Hiring Graduates Despite AI Growth

AI is shaking up investment banking, but major firms are still hiring graduates at steady rates. Despite concerns that automation could reduce junior analyst roles, leading banks continue recruiting at levels similar to or above last year.

Many graduate analysts are starting this week, with most securing their jobs through competitive summer internships lasting 6 to 10 weeks. The number of new hires has risen at UBS, remains steady at Goldman Sachs, and dipped slightly at Citi and Jarden.

Graduate analysts can earn over $100,000, but the work demands long hours and intensive financial analysis. The rise of AI raises questions about whether banks will need as many entry-level analysts in the future, especially as AI can now generate complex documents in a fraction of the usual time.

At UBS, 21 graduates will join the investment banking division this month, up from 19 last year. Citi is bringing in 14 new recruits, slightly down from 17 last year, while Jarden will onboard 10, slightly below 12 the year before. Meanwhile, Bank of America has already welcomed 21 new graduates, with most coming from their internship program.

For now, investment banks are maintaining strong graduate hiring, but AI’s efficiency gains could change demand for junior roles in the future. The industry looks stable for now, but automation may reshape recruitment strategies in the coming years.

Source: Australian Financial Review, INC, The Financial Brand