How many European banking jobs will AI eliminate by 2030?

Over 200,000 European banking jobs are predicted to be eliminated by 2030 due to AI.

Which banking roles are most affected by AI?

Back-office operations, risk management, and compliance roles are expected to be most affected by AI.

What efficiency gains do banks expect from AI?

Banks are anticipating efficiency gains of up to 30% from the adoption of AI.

Home / Business and Economy / AI Set to Erase 200K Banking Jobs by 2030

AI Set to Erase 200K Banking Jobs by 2030

2 Jan

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Summary

Over 200,000 European banking jobs may disappear by 2030.
AI adoption and branch closures are driving efficiency gains.
Job cuts will primarily affect back-office, risk, and compliance roles.

AI Set to Erase 200K Banking Jobs by 2030

Europe's banking sector is poised for a significant transformation, with over 200,000 jobs potentially disappearing by 2030. A new analysis from Morgan Stanley suggests that a 10% reduction in the workforce across 35 major banks is likely as lenders increasingly integrate artificial intelligence and reduce their physical branch presence.

The anticipated efficiency gains, estimated at 30%, are expected to come from automating tasks in back-office operations, risk management, and compliance. These are areas where AI is projected to outperform human capabilities in speed and effectiveness, leading to substantial operational cost savings for financial institutions.

This trend is not exclusive to Europe; U.S. banks like Goldman Sachs are also implementing AI-driven restructuring. While some institutions are already enacting cuts, industry leaders are also cautioning about the long-term impact on junior bankers' fundamental skill development.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.