Wall Street firms are being taken over by 22-year-olds — here are the big banks that rely on junior talent the most

Business Insider | 4/19/2019 | Alex Morrell
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Wall Street investment banks are spending more on tech and eliminating rote tasks that used to go to junior staff.

But the banks aren't cutting back on their crops of recent college grads — if anything, they're relying more on younger workers.

Analysis - FINRA - Records - Efinancialcareers - Shows

Analysis of FINRA records by efinancialcareers shows that nearly one-fifth of Finra-licensed employees at the big New York banks are brand new to the business.

Some banks, like Barclays and Goldman Sachs, rely more heavily on first years than others.

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As Wall Street banks spend billions to upgrade technology and automate tasks, the mundane and tedious work that used to define the early years of a career at an investment bank is increasingly disappearing, with bots and algorithms springing into action to take over.

JPMorgan - Chase - Instance - Machine - Learning

JPMorgan Chase, for instance, is digitizing dealmaking, using machine learning for elements of underwriting stocks and bonds and saving hundreds of thousands of hours of work in the process. Goldman Sachs is automating initial public offerings, stripping out half the roughly 130 steps in the process and delegating them to computers.

But despite...
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