8 months ago

European Banks May Cut 200,000 Jobs by 2030 Due to AI

European Banks May Cut 200,000 Jobs by 2030 Due to AI
European banks may cut over 200,000 jobs by 2030 because of AI: Morgan Stanley report · businesstoday.in

European banks are planning to cut a lot of jobs by 2030 because of artificial intelligence.

A report by Morgan Stanley says that more than 200,000 jobs could be lost, which is about 10% of the workforce in 35 big European banks.

Banks are using AI to do things faster and cheaper, like checking documents and managing rules.

They are also closing physical branches because more people are using online banking.

Some banks have already started cutting jobs, and they are trying to save money to make more profit.

While AI can help, some experts say it's important not to forget about teaching new employees important banking skills.

Key facts

Estimated Job Losses
200,000
Timeframe
By 2030
Percentage of Workforce
10%
Banks Analyzed
35 major European banks
Expected Efficiency Gains
Up to 30%

Quotes

Slawomir Krupa

Chief executive of Société Générale

“nothing is sacred”
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Jason Napier

Head of European banks research at UBS

“Cost bases remain large, and these powerful new tools are still not fully implemented”
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Conor Hillery

Co-head for Europe, the Middle East and Africa at JPMorgan Chase

“Otherwise, we’re storing up a big problem for the future”
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Sources

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