Bank of America CEO Brian Moynihan confirmed the challenging job market for recent graduates, validating the hiring difficulties faced by Gen Z. The CEO revealed the intense competition for entry-level corporate positions in an interview with CBS News, published by Fortune.
The bank received 200,000 applications for its entry-level roles. BoA ultimately hired 2,000 recent graduates.
Moynihan also addressed the anxiety among young people regarding the future impact of artificial intelligence (AI). He stated that efficiencies created by AI should be reinvested to foster company growth, rather than just reducing headcount.
The CEO stressed that the focus should be on harnessing the technology for expansion. Moynihan added that it remains too early to predict AI’s full impact on the job market.