The AI job-pocalypse has not arrived for Bank of America's summer internship program, yet landing a position stays extremely competitive.

The bank has brought on nearly 4,000 summer interns and full-time campus recruits this year, divided roughly evenly between the groups, consistent with last year's totals. Roughly 240,000 candidates applied for fewer than 2,000 internships, according to Josh Bronstein, the global head of talent, resulting in an acceptance rate near 0.8%.

Bronstein noted that applications rose this year, likely due to AI tools simplifying the process along with heightened competition.

CEO Brian Moynihan has stated that the firm, which employs over 213,000 people, has reduced operational and processing roles while continuing to recruit in areas such as relationship management, technology, and cybersecurity. Bronstein explained to Business Insider that junior hires continue as a key focus, particularly for applicants who appear career-oriented and likely to remain long-term. The vast majority of interns typically receive return offers, he added.

"We are being very intentional and thoughtful about the investments that we're making for the long term through hiring," Bronstein said. "That includes our campus class. We believe this is an important pipeline. It is a deliberate approach."

Bronstein indicated that while future numbers of young hires remain uncertain, the financial sector has adapted to prior technological shifts, and the bank stays committed to entry-level talent.

This summer's interns join a changing Wall Street environment where AI is altering workflows and career paths. Tasks once handled by interns, such as drafting pitch decks and building models, can now be managed by AI tools, allowing more focus on advanced responsibilities.

AI is changing recruitment

Bronstein explained that as the half-life of technical skills shortens, Bank of America seeks applicants strong in human skills like judgment and agility. Technical expertise matters, yet so does the ability to handle tasks that persist after AI automation.

Moynihan reinforced this point in a recent interview, noting the bank seeks candidates who show intellectual rigor and curiosity.

"Study something deeply, learn about it, but keep that curiosity to a whole bunch of other subjects," he said.

When Bank of America's interns begin on Monday, they will rank among the latest Wall Streeters incorporating AI from the start of training. Bronstein said interns will receive AI training tailored to their business line. The firm is considering how to prepare young talent who will skip much of the manual work that once marked early Wall Street careers.

"You're seeing a shift in the entry point that these teammates are coming into," Bronstein said. "We've got to give people the experiences in a simulated way quickly, so that they have the judgment that they otherwise would have gained by doing some of those tasks in their first year or two, that now, or soon, AI or other technology can do."