Sep 14, 2021
Investment banks accelerate efforts to automate junior ‘grunt work’
Wall Street banks are stepping up efforts to automate "Grunt work" foisted on younger investment bankers, portraying the changes as an attempt to reduce workloads and stop young talent from leaving the industry. The efforts suggest that attempts by Wall Street banks to mollify junior bankers by raising their pay have been insufficient to stem the high rate of attrition in their ranks. Barclays formed a task force that includes its co-heads of investment banking to look for ways to automate some of the tasks performed by junior bankers. "We're investing to automate elements of the junior banker's role in an effort to improve efficiency and enhance their work experience," said John Miller, Barclays' co-head of investment banking. "Some bankers just will not spend time with junior people," said Stowell, who previously worked in investment banking.
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