Wall Street has entered the era of artificial intelligence, and its impact on practitioners is becoming increasingly significant. Large banks such as JPMorgan Chase and Goldman Sachs are planning to restructure their business models around AI, as this technology enables the scalable processing of knowledge-based work. As a result, even though Wall Street is experiencing a 'bumper year' in trading and investment banking this year, generating billions of dollars in excess revenue, and typically the industry does not restrict hiring during such times, these banks are still scaling back their recruitment efforts.