AI to Transform Banking Jobs, Create New Roles

Artificial Intelligence (AI) is anticipated to lead to significant job cuts in the global banking sector, with up to 200,000 positions potentially being eliminated over the next three to five years, according to a Bloomberg Intelligence report. The roles most at risk include those involving routine and repetitive tasks, such as back-office, middle-office, and customer service positions. Despite this, AI is not expected to completely eliminate jobs but rather transform the workforce, with an emphasis on boosting productivity and profits. The World Economic Forum's Future of Jobs Report suggests that while AI will displace 92 million jobs by 2030, it will also create 170 million new roles, particularly in areas like AI, big data, and cybersecurity. Companies are increasingly seeking workers skilled in AI tool design and enhancements, highlighting the need for reskilling and upskilling initiatives. The rise of AI presents both opportunities and risks, urging businesses and governments to collaborate in building a resilient workforce.