8 months ago
AI to Cut 200,000 Banking Jobs in Europe by 2030
A new report says that more than 200,000 jobs in European banks could be lost by 2030 because of artificial intelligence.
Banks are using AI to do tasks like checking documents and managing rules faster and cheaper.
This means fewer people will be needed for these jobs.
Some banks, like ABN Amro and Société Générale, have already started cutting jobs.
In the United States, Goldman Sachs is also planning to cut jobs and freeze hiring until 2025.
Some experts are worried that if too many junior jobs are cut, young bankers might not learn important skills.
But overall, banks believe AI will help them work better and save money.
More than 200,000 banking jobs in Europe could be lost by 2030 due to AI, according to a Morgan Stanley analysis.
Job losses are expected to be highest in back-office functions like risk management, compliance, and internal operations.
Banks aim to achieve efficiency gains of up to 30% by using AI for tasks such as document checks and regulatory reporting.
Some European banks, including ABN Amro and Société Générale, have already announced workforce reductions as part of their digital transformation strategies.
Concerns have been raised about the potential long-term impact on the banking industry if junior roles are reduced too quickly.
- Who
- European banks and their employees
- What
- AI-driven job cuts and efficiency gains
- Where
- Europe (and also the United States)
- When
- By 2030
- Why
- To improve efficiency, reduce costs, and adapt to digital banking trends
Key facts
- Estimated Job Losses
- 200,000
- Percentage of Workforce
- 10%
- Affected Banks
- 35 major European banks
- Impacted Roles
- Back-office functions (risk management, compliance, internal operations)
- Expected Efficiency Gains
- Up to 30%
- Example Banks
- ABN Amro, Société Générale, Goldman Sachs
Sources
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