The first tier of the career progression ladder in the US banking industry is narrowing. According to a report by labor market data company Revelio Labs, based on a compilation and analysis of open employment records, including LinkedIn, it was found that since ChatGPT was launched in 2022, the number of junior jobs in the US banking industry has decreased by nearly 5%. In contrast, the number of middle and senior jobs has continued to grow. Revelio's data shows that in large banks such as J.P. Morgan Chase, Bank of America, and Citigroup, there is a clear divergence between the changing trends of junior jobs and middle and senior positions. There are two notable exceptions: Wells Fargo has fewer junior and higher-level jobs than in 2022, and Goldman Sachs has seen an increase in the number of employees at both levels. Bank of America said in a statement that the bank is “very committed” to recruiting junior employees. Over the past two years, it has recruited more than 14,000 early-stage employees every year, and is expected to reach the same scale in 2026. J.P. Morgan said its findings could not be verified due to unclear data and definitions used in the report. According to the bank, the number of junior employees has remained stable over the past three years, and analysis of recruitment information may underestimate the actual number of hires, because one recruitment information may correspond to multiple hires, especially for junior positions in software engineering and operations.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.