Welcome to Wall Street's new recruiting hell

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Welcome back to our Sunday edition, a roundup of our top stories.

New York City started its closely watched clampdown on short-term rentals like Airbnb last year. So far, it’s mostly benefited the hotels: occupancy and room rates are way up.

This week’s dispatch

AI is here

Investment banker. Consultant. Software engineer. Venture capitalist. They’re among the best-paid and highest-status jobs in corporate America. 

They’re also about to be transformed by AI.

Goldman Sachs plans to have AI tools available to its workforce as soon as next year, with the potential to change the roles of junior bankers in particular. 

Consulting firms are also adapting to a deluge of client questions about implementing AI. One senior partner at McKinsey told Business Insider that helping clients use generative AI might become most of the firm's work in the future. 

In Silicon Valley, the use of AI copilots in software engineering has become so common that there’s a debate over whether to allow these tools in technical interviews where job applicants have historically been asked to showcase their expertise. 

Some venture capitalists have gone further, using AI to replace associates. 

The impact of AI on these professions demonstrates the sharp difference between this technological revolution and earlier advancements. Whereas in the past, lower-wage workers felt the effects of automation and increased competition, this time, it’s white-collar workers who face the biggest impact. 

That includes me. I used AI to help edit this newsletter.

PE “Hunger Games”

Private equity's annual recruiting process kicked off earlier than ever this year, sending young bankers into a frenzy. The process is already a strain on junior bankers, and earlier start dates add to the stress. 

BI spoke with a headhunter and a former junior banker about the pros and cons of an earlier-than-ever start — and what PE firms actually gain from the process.

Here’s what they said.

Also read:

Top private-equity firms, including Apollo and KKR, just kicked off 2026 associate recruiting. Wall Street juniors are shocked and scrambling.

More of this week’s top reads:

• The biggest scandal in gaming right now, explained.
• Netflix’s co-CEO explains the price hikes for ad-free plans.
• Citi Wealth's horrible tech is infuriating clients and employees.
• Job-hunting is a nightmare right now, with power back in employers’ hands. 
• Tal Alexander will step down from his brokerage firm amid rape allegation.
• The fastest-growing career in the US is in wind power. Here's how to land a job.
• See the résumé that helped this worker get a $350,000 job at Google.

Curated by Matt Turner and edited by Jordan Parker Erb.

This is a shorter version of our flagship newsletter, which brings you in-depth analysis and summaries of the top stories from Wall Street to Silicon Valley.

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