Saturday, 31 May 2025
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Artificial Intelligence

AI Revolution: Global Banks to Cut 200,000 Jobs by 2029

  • AI is set to reduce global banking jobs by 3% over the next 3-5 years.
  • Back-office, middle-office, and KYC roles face the highest risk.
  • Workforce transformation, not full elimination, is the focus of AI adoption.

Global banks are bracing for a wave of workforce reductions as artificial intelligence reshapes the industry. A report by Bloomberg Intelligence predicts up to 200,000 job cuts in the next five years, with repetitive tasks in operations, compliance, and data handling most at risk.

This trend underscores the dual nature of AI adoption—efficiency gains paired with workforce disruption. While banks aim to cut costs and streamline operations, they must also invest in reskilling employees to align with evolving needs.

Banking’s AI Evolution: Jobs at Risk, Workforce to Transform

Artificial intelligence is rapidly redefining the global banking landscape, with up to 200,000 jobs projected to be eliminated by 2029. Repetitive roles in the back office, middle office, and operations are the most vulnerable as banks deploy AI to automate processes such as data reconciliation and compliance checks.

The report by Bloomberg Intelligence highlights how AI will influence customer interactions, replacing traditional human-operated services with sophisticated chatbots. These tools not only reduce costs but also improve efficiency, providing faster and more accurate responses to client inquiries.

However, this wave of automation does not spell doom for human employees. Instead, it signifies a need for reskilling and adaptation. Employees will likely pivot to roles requiring creativity, strategy, and decision-making—areas where AI complements rather than replaces human input.

Banks face the challenge of balancing efficiency with ethical workforce management. Transparent communication and investment in training programs will play a crucial role in minimizing job displacement and ensuring a successful transition to an AI-driven operational model.

AI in banking represents both a challenge and an opportunity, reshaping roles while opening doors to innovation. The key lies in proactive adaptation and skill evolution.

“AI won’t replace humans; it will transform the way we work.”

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