About 10% of Europe’s banking workforce faces AI threat by 2030

About 10% of banking jobs across Europe could disappear by 2030 as lenders lean harder on AI, with analysts saying that more than 200,000 roles are now exposed over the next five years. The forecast comes from Morgan Stanley, which reviewed 35 banks employing around 2.12 million people combined. A straight 10% workforce reduction equals roughly 212,000 job cuts. The expected job cuts focus on central services, meaning back-office roles, middle-office teams, risk management, and compliance units; basically the parts of banks where automation replaces repeat work fastest. Banks are targeting central service jobs for AI replacement operations Morgan Stanley said many lenders expect efficiency to increase by as much as 30% from AI and deeper digital use. Banks have already started acting too, like in November, Dutch lender ABN Amro said it plans to cut about 20% of its full-time workforce by 2028. In March, Société Générale chief executive...

https://www.cryptopolitan.com/ai-disruption-threatens-200000-europe-jobs/