01.09.25

Wall Street Job Losses May Top 200,000 as AI Replaces Roles

by: William Shaw

Global banks will cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, according to Bloomberg Intelligence. Chief information and technology officers indicated that on average they expect a net 3% of their workforce to be cut. Back office, middle office and operations staff are likely to be most at risk. Customer services could see changes as bots manage client functions, while know-your-customer duties would also be vulnerable.

Read the full article on Bloomberg