Wall Street investment banks have seen a surge in applications for entry-level roles, showing the enduring popularity of the sector despite renewed scrutiny of the long hours clocked by analysts.

Figures obtained by Financial News show the top US firms have received a record number of applications for their internship programmes in 2025, even as the number of vacancies has ticked down. JPMorgan received 630,000 applications for internships, which was up by 25% compared with a year earlier. It took on around 4,100 interns in 2025, so the success rate was roughly 0.6%. It brought in 4,500 interns a year earlier, FN reported.