Artificial intelligence is becoming a threat to hundreds of thousands of employees in global banks.

Global banks are planning to reduce or restructure up to 200,000 jobs due to the implementation of artificial intelligence. IT leaders predict an average reduction of 3% in employees, with some companies even expecting cuts of 5% to 10%. The greatest threats are expected for back-office, middle-office, and operational department employees.

Any job related to routine repetitive tasks is at risk. However, artificial intelligence will not lead to a complete execution of these tasks but rather change the workforce

According to forecasts, banks could achieve higher pre-tax profits by 2027, thanks to the utilization of artificial intelligence. Most companies expect a 5% increase in productivity and profitability over the next three to five years.

Citi has already stated that artificial intelligence could displace more jobs in banks than in any other sector. The implementation of artificial intelligence may lead to changes in employee roles but not to complete replacement. Executives are calling for research into the safety of artificial intelligence and taking measures to prevent negative consequences.

Threats of artificial intelligence development

Scientist Geoffrey Hinton believes that artificial intelligence could pose a threat to humanity within 30 years. He urges the government to regulate the development of artificial intelligence, as companies cannot ensure safety without government help.