Over 200,000 banking jobs in Europe could disappear by 2030 as banks invest more in AI and close physical branches according to a new analysis by Morgan Stanley reported by the Financial Times. This is equivalent to around 10% of the workforce at 35 major banks.
The biggest cuts are expected in back-office functions, risk management and compliance, where AI can automate much of the work. At the same time, several banks expect to increase efficiency by up to 30%.
JPMorgan Chase VP for Europe, Middle East and Africa Conor Hillery warns that integrating technology should be done carefully.
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