CHARLOTTE, N.C.– Bank of America CEO Brian Moynihan said he recognizes that members of Gen Z are worried about effects of artificial intelligence on the job market, but he has words of encouragement.
During Gen Z is scared about AI and the job market, but he has words of encouragement.
Moynihan said in an interview with CBS News‘ Margaret Brennan on Face that he tells younger people they should “harness” the change taking place.
“My advice to those kids, if you ask them what they’re worried about, they say they’re worried about—these are kids that we hire, 200,000 applications, we hire 2000 people.” Moynihan added that “if you ask them if they’re scared, they say they are. And I understand that. But I say, harness it … It’ll be your world ahead of you.”
‘Too Soon to Say’
Moynihan told CBS News it’s too soon to say how AI will play out in the job market, but he hopes to use efficiencies created by the technology to invest in more growth.
“We want to drive more growth. So…the efficiencies from AI will be spent to keep growing the company, I think,” he said.
Moynihan also said he believes Americans are focusing too much on the Fed and its effects on the economy and that attention should instead be given to the private sector, which is a more important driver of economic growth.
“The idea that we are, like, hanging on the thread by the Fed moving rates 25 basis points, it seems to me we’ve gotten out of whack,” he told CBS News.
The Fears of Gen Z
Moynihan’s reassurances come at the same time others have expressed concerns over the job market. For example, as the CU Daily reported earlier, Fed Chairman Jerome Powell and multiple economists have said Gen Z is facing a genuine “hiring nightmare,” especially for recent college graduates trying to land their first white-collar job.
Economists have described the current environment as a low‑hire, low‑fire labor market that is being deeply affected by the rapid automation of entry‑level roles.
