Key facts
- Bank of America hired nearly 4,000 summer interns and full-time campus recruits.
- The number of hires is consistent with last year's figures.
- The bank received approximately 240,000 internship applications for fewer than 2,000 spots.
- The acceptance rate for internships was about 0.8%.
- New hires will receive AI training and are expected to use AI tools for tasks previously done manually.
Bank of America has hired nearly 4,000 summer interns and full-time campus recruits this year, a figure consistent with last year's numbers. The bank received approximately 240,000 internship applications for fewer than 2,000 available spots, resulting in an acceptance rate of about 0.8%. This hiring initiative occurs amidst broader industry discussions about the potential impact of AI on junior banking roles.
According to Josh Bronstein, the global head of talent, applications increased this year, possibly due to AI tools simplifying the application process and heightened competition. Bank of America CEO Brian Moynihan has indicated that the firm manages its workforce largely through attrition, while continuing to hire in critical areas such as relationship management, technology, and cybersecurity. Bronstein emphasized that junior hires remain a strategic priority, with a focus on attracting "career-minded" applicants.
The bank is adapting its training for new hires to account for AI automation. Interns will receive specific AI training and are expected to leverage AI tools for tasks that were previously performed manually. This shift means interns will focus more on higher-order work, requiring strong "human skills" like judgment and agility, alongside technical proficiency. Bronstein noted that while the future number of young hires is uncertain, the financial sector has historically adapted to technological changes, and Bank of America remains committed to developing entry-level talent.