The AI-powered intern class still working at home (but only two days a week)

If you’re a student shopping around for an internship in a bank, and you don’t fancy spending your life commuting to the office, there is a solution: BNY.

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This year, BNY has 1,500 interns globally. Last year, it had 1,700 interns and 180,000 applicants, putting its acceptance rate for that year (0.9%) on par with JPMorgan’s (0.9%) or Goldman Sachs’ (0.8%).

It isn’t clear how many applicants there were to BNY's 1,500 intern places this year, but it's conceivable that the acceptance rate is even lower still.

The good news is that BNY's semi-unobtainable internship is three days a week in the office, and two days a week at home. It’s the same arrangement that present BNY employees below manager level enjoy, although not for long: the bank intends to introduce a four-day office schedule starting in September.

Last year, the bank’s global head of talent, Sharyn Jones, told us that BNY was “one of the few banks" to still offer hybrid working and that flexibility was "important." Not any more, apparently.

BNY’s interns are also trained in using the bank’s homegrown AI, Eliza (named after Eliza Hamilton, wife of Alexander), as well as courses in BNY’s “AI University”. The bank also intends to hold “prompt-a-thons” for analysts – furthering the concept of “citizen developers” from a young age.

BNY is not the only bank that is heavy on AI-powered interns: JPMorgan boasted about it at its investor day last year, with wealth & asset management chief Mary Callahan Erdoes saying that AI models “don't get tired, they don't get grumpy.” Hopefully, neither do BNY’s.

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