AI could cut banking jobs,
Photo: Jonas Ekströmer/TT

AI could cut banking jobs, SEB warns

AI developments could hit the labor market hard in the banking sector.

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In a marketing letter, SEB writes that the workforce could be reduced significantly, with Nordea in particular among the major banks in the Nordic region being affected to a large extent.

SEB sees a scenario where the workforce could be reduced by approximately 16-18 percent at Nordea. However, it notes that there is currently no clear trend toward fewer IT and technology-related full-time jobs.

"In a scenario where AI does not lead to lower technology costs, we assess that the potential is limited to approximately a 10 percent reduction in the number of full-time employees," SEB writes.

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AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers
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