Bank of America CEO Says Gen Z Is ‘Scared’ About the Future. Here’s His Advice for Them.
Bank of America received about 200,000 applications for 2,000 open positions, highlighting intense competition for entry-level roles.
Key Takeaways
- Bank of America CEO Brian Moynihan recently disclosed that the bank received about 200,000 applications for 2,000 entry-level positions filled in July.
- He said that new hires were “scared” about the job market, especially as AI demonstrates the potential to take over entry-level tasks.
- Moynihan advised young workers to learn how to use AI rather than be paralyzed by it.
Bank of America CEO Brian Moynihan says Gen Z (the generation born between 1997 and 2012) feels “scared” about the job market, highlighting the hiring crisis facing young workers as AI demonstrates potential to take over entry-level tasks. His message, however, is that this generation can turn its anxiety into an advantage if it learns how to use AI.
Moynihan recently told CBS’s Face the Nation that Bank of America received about 200,000 applications for 2,000 entry-level positions filled in July. The numbers reflect intense competition for entry-level, white-collar work.
When Moynihan asks these new hires if they are “scared” about AI and the future, they say they are. He considers their reaction understandable. His core advice to Gen Z graduates would be to “harness” AI and treat it as a tool to master rather than a force that will replace them. “It’ll be your world ahead of you,” he said.
Related: These Fields Are Losing the Most Entry-Level Jobs to AI, According to a New Stanford Study
He also stressed that it is still too early to know exactly how AI will impact the job market. His stated goal at Bank of America is to use AI efficiency gains to “drive more growth,” not just cut costs.
Moynihan’s view arrives as Federal Reserve Chair Jerome Powell and labor economists raise concerns about a tough environment for young workers. In a press conference in September, Powell described an “interesting labor market” in which “kids coming out of college and younger people” are “having a hard time finding jobs.”
Powell said that the overall job environment is one of “low firing” and “low hiring.” Companies are not letting go of workers quickly, but they are also not bringing on many new people. This dynamic especially impacts Gen Z workers who are trying to land their first jobs.
Related: Is AI Stealing Jobs From Young Workers? Goldman Sachs Data Reveals Unemployment Trends
At the same time, employers are using AI to automate tasks that junior workers previously carried out. For example, at consulting firm McKinsey, an internal AI tool has taken over tasks like creating PowerPoint slideshows and drafting proposals for client projects. These responsibilities would have previously fallen to junior employees.
A report from SignalFire, a firm that tracks over 650 million global workers, found that new graduates accounted for just 7% of new hires at big tech companies in 2024, down 25% from 2023. Asher Bantock, SignalFire’s head of research, told TechCrunch that there is “convincing evidence” that AI is a significant reason for the decline in entry-level tech roles. Bantock explained that the technology can take over routine, entry-level tasks like coding and conducting financial research.
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Key Takeaways
- Bank of America CEO Brian Moynihan recently disclosed that the bank received about 200,000 applications for 2,000 entry-level positions filled in July.
- He said that new hires were “scared” about the job market, especially as AI demonstrates the potential to take over entry-level tasks.
- Moynihan advised young workers to learn how to use AI rather than be paralyzed by it.
Bank of America CEO Brian Moynihan says Gen Z (the generation born between 1997 and 2012) feels “scared” about the job market, highlighting the hiring crisis facing young workers as AI demonstrates potential to take over entry-level tasks. His message, however, is that this generation can turn its anxiety into an advantage if it learns how to use AI.
Moynihan recently told CBS’s Face the Nation that Bank of America received about 200,000 applications for 2,000 entry-level positions filled in July. The numbers reflect intense competition for entry-level, white-collar work.
