Goldman CEO: AI may slightly reduce entry-level hiring

Goldman Sachs CEO David Solomon has suggested that the bank's entry-level hiring might decrease slightly over the next three years due to the influence of artificial intelligence. In an interview on Bloomberg's "Odd Lots" podcast, Solomon clarified that these changes would be 'nuanced' and not a dramatic reduction, emphasizing that the firm will still hire thousands of interns and recent graduates. This year, Goldman Sachs expects to take on approximately 2,400 to 2,500 interns, with a similar number of permanent new hires starting in July, aligning with pre-COVID levels but fewer than the over 3,000 hired in 2021. Solomon noted subtle shifts in the hiring mix, with a greater emphasis on engineering talent over the past decade, a trend likely to continue with the advancement of AI tools. He also expressed skepticism about widespread job losses due to AI, calling the 'AI jobs apocalypse' narrative overblown. A key challenge, he noted, is adapting training methods for young workers in an era where AI can provide instant answers, contrasting it with his own early career experiences that required manual data analysis and critical thinking. His advice to young professionals is to prioritize phone calls over digital communication for building connections.