Analysts and academic experts told Fortune that recent Wall Street layoffs are not yet evidence of AI-driven mass job displacement; instead, they attribute cuts to pandemic-era overhiring and economic cycles. NYU Stern’s Robert Seamans and other scholars argued that while AI will reshape certain roles—especially junior analytic work—it remains a productivity tool that, for now, augments rather than replaces elite finance talent. The debate matters to business schools and career offices: recruiters are recalibrating hiring profiles, and programs must adapt curricula to teach AI‑augmented workflows, data literacy and model oversight. Universities advising students for finance careers should emphasize transferable skills—judgment, ethics, and complex problem solving—that complement automation and remain resilient to technological change.