Media: global banks may cut up to 200,000 jobs due to AI
Global banks will cut up to 200,000 jobs in the next three to five years as artificial intelligence (AI) starts performing tasks that are currently being overseen by humans, TASS reports with reference to Bloomberg
It is reported that the heads of information and technology services surveyed by Bloomberg Intelligence (BI) informed that they expect an average reduction of 3 percent of their staff.
Tomasz Noetzel, the BI senior analyst, believes back office, middle office and operations are likely to be most at risk.
The results of the study indicate that there will be changes in the industry, feeding through to higher revenues. According to BI, in 2027, banks' pre-tax profits may be 12-17 percent higher than they would otherwise have been – increasing their total profits by $180bn, as AI will contribute to labour productivity.
