JPMorgan’s investor day has had a lot to say already about its investment into bringing in new bankers and traders. It’s also revealed some interesting facts about its training program.
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For one, the competitiveness of getting in. Mary Callahan Erdoes, the chief executive of JPMorgan's asset and wealth management unit, said today that the bank received 493,000 applicants for its 4,000 open summer analyst and associate positions (AKA internships) last year, a conversion rate of just 0.91%. Last time we checked, the acceptance rate for summer programs was around 1.7%, nearly twice as high.
That makes JPMorgan a more competitive place to get into than Goldman Sachs, which boasted a comparatively limitless acceptance rate of 1.27% for its graduate programs. Goldman as a whole, however, has an acceptance rate of around 0.33%.
Erdoes, also emphasized the bank’s commitment to AI integration into its new hires. The bank was targeting “no joy work” for automation, especially “rote, repeatable work”. The AWM department’s presentation in the investor day also noted that it was introducing training in prompt engineering to its core skills, along with the more long-standing training use of python.
Most creepily, however, is the Robocop aspect to it all. The bank is “mapping the brains” of some of its “best people”, presumably with the aim to create some hybrid man-machine that could replicate the work of the best and most efficient analysts. "These systems they don't get tired, they don't get grumpy,” said Erdoes. Tired, grumpy bankers should probably take note.
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