06.20.24

Citi Sees AI Displacing More Bank Jobs Than Any Other Sector

by: Aisha S. Gani

Citigroup Inc. said artificial intelligence (AI) is likely to displace more jobs across the banking industry than in any other sector. About 54% of jobs across banking have a high potential to be automated, the bank said in a new report, while an additional 12% of roles across the industry could be augmented with the technology. Citigroup has said it would equip its 40,000 coders with the ability to experiment with different AI technologies, and the company has said it’s used generative AI to quickly comb through hundreds of pages of regulatory proposals. “Our focus now is to taking it from the lab to the factory floor,” Citigroup’s Chief Executive Officer Jane Fraser said at the company’s digital money symposium last week, adding that the banking giant is also exploring using AI to offer custom investment recommendations for wealth clients and to improve its cybersecurity offerings.

Read the full article on Bloomberg