Global #banks are expected to cut about 200,000 #jobs due to #artificialintelligence, according to a new report by #BloombergIntelligence. Jenny Surane explains which roles could be affected and the new #skills in high demand #AI #banking #finance #job #employment #tech #technology

Artificial intelligence might help banks cut as many as 200,000 jobs in the coming years. That's according to new data from Bloomberg Intelligence. That amounts to about 3% of the industry's global workforce. And banks are already experimenting with AI in lots of different ways. At Citigroup, for instance, they're letting staffers use generative AI to quickly comb through hundreds of pages of regulatory proposals. At Klarna, an AI assistant is already doing the work of 700 full-time customer service agents. Meanwhile, J.P. Morgan said it expected to reap a $2 billion benefit last year from its AI work. This has big implications for the industry. Bloomberg Intelligence estimates that it could lift profits by as much as $180 billion in 2027. It's not all bad news for bankers, though. The analysts at BI expect that data scientists, cybersecurity experts and compliance specialists will all be very much in demand in the coming years.