Global banks might cut 2 lakhs jobs as AI replaces roles

Due to Artificial Intelligence (AI), millions of jobs will be cut in the next few years.
According to Bloomberg Intelligence, global banks will cut two lakh jobs in the next three to five years, because the work that humans are currently doing is being taken over by AI. According to the report, in a survey, leading Chief Information and Technology Officers have indicated that they are expecting a reduction of 3 percent in their average workforce.

Report Bloomberg Intelligence senior analyst Tomas Noetzel, who wrote, said that jobs related to back office, middle office and operations are most at risk. Changes may be seen in customer services. A large number of bots can be seen managing these tasks. Although these jobs will not be completely eliminated due to AI, only changes will be seen in the workforce.

Nearly a quarter of the 93 people surveyed predicted a sharp decline of 5 to 10 percent in the total workforce. The survey included Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. Was included.

The report says that banks have spent many years making their IT systems advanced. Now they are getting attracted towards next generation technology and AI tools. Banks hope that this will increase their productivity.

Earlier in a report it was said that due to AI, jobs will be reduced more in the banking sector than in any other sector. About 54 percent of jobs in the entire banking sector can be automated. However, many firms have emphasized that due to this change the roles will be changed and not completely eliminated.