Jobs Being Cut in Banking Industry
A report from Bloomberg Intelligence published at the beginning of the year suggested that global banks will cut as many as 200,000 jobs in the next three to five years.
The senior analyst who wrote the report, Tomasz Noetzel, suggested that the cuts will mostly be felt in back office, middle office and operations teams. “Any jobs involving routine, repetitive tasks are at risk,” he said. “But AI will not eliminate them fully, rather it will lead to workforce transformation.”
And it’s a trend that will be felt in every industry. Only weeks ago, Salesforce announced that it is shedding 1,000 jobs but that it is also hiring new staff “to sell new artificial intelligence products”.
One of the most worrying predictions came from the Inter-American Development Bank, which published an index that predicts how many jobs will be affected by AI in the coming decade.
It states that AI will impact as many as 43 million jobs in the US alone; and 980 million roles worldwide.
