Bank of America CEO says he hired 2,000 recent Gen Z grads from 200,000 applications, and many are scared about the future

Core Insights - Bank of America CEO Brian Moynihan acknowledges that Gen Z is apprehensive about AI and the job market, but he encourages them to harness their fears as they will shape the future [1][2] - The bank recently hired 2,000 graduates from a pool of 200,000 applications, indicating a competitive hiring environment despite concerns about job security [1][2] - Moynihan believes that the efficiencies gained from AI will be reinvested to drive company growth, emphasizing the importance of the private sector over the Federal Reserve in economic growth [3] Gen Z's Hiring Concerns - Gen Z faces a "hiring nightmare," particularly for recent college graduates, due to a low-hire, low-fire labor market and the automation of entry-level roles [4] - Jerome Powell highlighted the challenges young people face in finding jobs, noting that the job-finding rate is very low, which is exacerbated by slower job creation and some AI substitution [5] - Employers are increasingly using AI to automate tasks that were once performed by junior roles, leading to a significant decrease in entry-level job postings while mentions of AI in job descriptions have surged by about 400% over two years [6]