The forecast from Bloomberg Intelligence, based on survey responses from over 90 banks, shows that AI development can lead to up to 200,000 jobs in the banking industry globally disappearing as tasks are phased out or automated.
This type of report appears at regular intervals, according to the union chairman. There is no greater concern.
Finance and banking are technology-intensive industries and have always been so. We are very used to new technology emerging, says Ulrika Boëthius.
Changes made
The Financial Union also does not believe that masses of jobs, at least not in Sweden, would disappear as a result of AI entry.
We do not see any major dramatic changes in the number of employees or that layoffs would occur solely due to AI or other technological developments.
She points out that significant changes occurred in the Swedish banking sector in connection with the crisis in the 1990s when many jobs disappeared.
Since then, efficiency measures have been taken and the ongoing change process has been maintained.
Positive towards development
There is a constant development of tasks, she believes. Certain tasks that existed previously do not exist today.
But it has also happened gradually as people retire.
The union is fundamentally positive towards all technological developments that can streamline companies. AI is already part of the work in various areas of the banking world and the development will continue.
Even if it's not entirely easy to know what AI will be used for in the future. But it may help to remove tedious and monotonous tasks and instead provide a more developing and exciting job, says Ulrika Boëthius.
