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.
Companies including Goldman Sachs, Barclays and Moelis have initiatives under way to automate basic functions such as generating pitch books and valuation modelling, according to bank executives.
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.
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