Bank of America hires nearly 4,000 new staff as AI reshapes Wall Street intern roles

Bank of America hired nearly 4,000 summer interns and full-time new grads this year, similar to last year. Only about 0.8% of applicants got an intern spot, partly because AI tools make it easier to apply, but competition is real.

New interns will use AI from day one, as tasks like making pitch decks and building models can now be done by AI. The bank values "human skills" like judgment and adaptability over just technical know-how.

It cut some operational roles but keeps hiring in areas like relationship management and cybersecurity. The CEO wants candidates with "intellectual rigor" and curiosity to thrive in an AI-driven Wall Street.