Bank of America CEO Brian Moynihan says headlines about Gen Z’s concerns about artificial intelligence and the job market are real.
The bank recently hired 2,000 top graduates from 200,000 applications, the executive said in an interview cbs news” Margaret Brennan Facing the whole country. Moynihan acknowledged that many young people are fearful and uncertain about the future as companies use artificial intelligence to carry out mass layoffs.
“My advice to these kids is, if you ask them if they’re worried, they’re going to say they’re worried — these are the kids we hired, 200,000 applications, we hired 2,000 people.” Moynihan added, “If you ask them if they’re scared, they’re going to say scared. I understand that. But I say, ride it … it’s going to be your world,” Moynihan said.
Moynihan said it’s too early to tell how artificial intelligence will play out in the job market, but he hopes to use the efficiencies created by the technology to invest in more growth.
“We want to drive more growth. So I think AI will be leveraged – the efficiencies of AI will be leveraged to keep the company growing,” he said.
Moynihan also said Americans are too focused on the Federal Reserve and its impact on the economy. He believes that the private sector is the more important driver of economic growth.
“The Fed’s 25 basis point hike puts us in trouble, and in my opinion, we are already in trouble,” he said.
Jerome Powell and multiple economists have confirmed that Gen Z is facing a real “hiring nightmare,” especially for recent college graduates trying to land their first white-collar job. This has to do with a low-hire, low-fire labor market, rapid automation of entry-level jobs, and an aging tech industry as Gen Z’s influence shrinks.
In September 2025, Powell emphasized an “interesting labor market” at the post-meeting press conference. “It is difficult for children and young people and minorities who have graduated from college to find jobs.” He emphasized that although layoffs are still small, the employment rate is “very, very low,” creating a stagnant environment of low hiring and low firing, which is particularly detrimental to new entrants. Asked whether artificial intelligence was the culprit, he called it “probably a factor” but not the main driver, suggesting a slowdown in overall job creation coupled with some substitution by artificial intelligence is squeezing younger workers at a time when they are trying to get on the ladder.
Employers are using artificial intelligence to automate predictable, process-heavy tasks that once justified many entry-level positions, especially in corporate and technology environments. Platforms like Handshake, which tracks early-career recruiting, point to a double squeeze: Entry-level job postings for corporate roles are down about 15% year over year, while mentions of “AI” in job descriptions have jumped about 400% in two years. Economists such as David Blanchflower of Dartmouth College say wealth Even when young people do find work, they report rising levels of “hopelessness” and a general sentiment that “the job sucks”, exacerbating the impact of higher unemployment among recent graduates than the national average.
