SwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

Hundreds of thousands of bank jobs are on their way to disappearing

Investments in artificial intelligence (AI) will lead to up to 200,000 jobs disappearing in the global banking industry over the next three to five years, according to a report from Bloomberg Intelligence. More clinking in the cash register for the banks is an effect.

» Published: 09 January 2025

Hundreds of thousands of bank jobs are on their way to disappearing
Photo: Richard Drew AP/TT

All jobs where there are routines, tasks that repeat themselves, are in the risk zone. AI will not erase all. Rather, it will lead to a shift in the workforce, says Tomasz Noetzsel, senior analyst at Bloomberg Intelligence.

Automated customer service, so-called bot routines to ensure customer knowledge in combination with efficiency improvements in most areas of the business are some trends that are expected to gain strength.

The report is based on a survey of communication and technology chiefs at 93 banks – including Citigroup, JP Morgan Chase & Co and Goldman Sachs Group – conducted by Bloomberg Intelligence.

Bank executives expect on average that around 3 percent of the workforce can be rationalized away when new AI tools start taking over tasks currently performed by staff. At banks with the highest ambitions regarding AI, they aim for staff reductions of 5-10 percent.

Bank profits are estimated to increase by 12-17 percent by 2027 as a result of the productivity gains created, according to the report.

Tags
TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Strike stops flights in Belgium
1 MIN READ

Strike stops flights in Belgium

The Crown Falls – Two-Year Low Against the Dollar
1 MIN READ

The Crown Falls – Two-Year Low Against the Dollar

SBB's share price surges after legal victory in London
1 MIN READ

SBB's share price surges after legal victory in London

Danske Bank raises the interest rate on long-term mortgages
1 MIN READ

Danske Bank raises the interest rate on long-term mortgages

Diesel price rises by 30 öre
1 MIN READ

Diesel price rises by 30 öre

Northvolt sells stake in recycling company
1 MIN READ

Northvolt sells stake in recycling company

Norwegian's shares fall after profit warning
1 MIN READ

Norwegian's shares fall after profit warning

The Stock Market Starts the Week Downwards
2 MIN READ

The Stock Market Starts the Week Downwards

More people believe in rising housing prices
1 MIN READ

More people believe in rising housing prices

Pension Giant Snubs Tesla – Protest Against Musk
1 MIN READ

Pension Giant Snubs Tesla – Protest Against Musk

Down on China's Exchanges
1 MIN READ

Down on China's Exchanges

The Foreign Minister: Lower the Oil Price Ceiling
1 MIN READ

The Foreign Minister: Lower the Oil Price Ceiling

Technical problems for major bank
1 MIN READ

Technical problems for major bank

Tough start to the year for Chinese stock exchanges
1 MIN READ

Tough start to the year for Chinese stock exchanges

Deadline for stopped steel deal is postponed
1 MIN READ

Deadline for stopped steel deal is postponed

Experts Expect Stock Market Boost and Dividend Bonanza
4 MIN READ

Experts Expect Stock Market Boost and Dividend Bonanza

The price of nuclear fuel hits a record
1 MIN READ

The price of nuclear fuel hits a record

Zuckerberg: Masculine energy is good
1 MIN READ

Zuckerberg: Masculine energy is good

Orpo open to EU loans for defense
1 MIN READ

Orpo open to EU loans for defense

British Minister: Budget Rules Remain Unchanged
2 MIN READ

British Minister: Budget Rules Remain Unchanged