AI poised to replace entry-level positions at large financial institutions

Representatives from Goldman Sachs, JP Morgan Chase, and Morgan Stanley did not immediately respond to requests for comment on their companies’ plans to implement AI or its potential to change their hiring strategies.

Transforming the workplace

There is no doubt that generative AI already is transforming the workplace, but it remains to be seen just how much it will impact the jobs that humans do. Right now most organizations tend to be in the experimental phases of using the technology to supplement employee tasks, but that is likely to change, and quickly, experts say.

As the financial industry is poised to be among the first to adopt AI in a big way, CIOs and other employees in this industry also likely will be the first to see it impact their positions within a company.

Financial services, along with law and market research, are the top three industries that will be the first to see the effects of GenAI implementation, with Morgan Stanley, Bank of America and Northwestern Mutual as among the most “notable” companies affected, according to a report, Generative Artificial Intelligence and the Workforce, by the Society for Human Resource Management (SHRM) and Burning Glass Institute.

For CIOs in these fields, this may mean there are fewer employees with technology needs to organize and oversee; however, there will be new and different challenges in the forms of implementing and managing AI tools and their various roles in the organization.

For financial services in the short term, generative AI specifically will allow for further automation of financial analysis and reporting, enhancement of risk mitigation efforts, and optimization of financial operations, according to a report, The implications of generative AI in Finance, by consulting firm Deloitte.