AI's IMPACT ON BANKING JOBS
The job cuts are largely expected to impact positions involving routine and repetitive tasks, such as customer service and know-your-customer (KYC) roles.
According to Bloomberg Intelligence (BI), AI tools will streamline operations, leading to fewer human workers required for these functions. However, it’s important to note that while jobs will be transformed, they won’t be entirely eliminated.
Tomasz Noetzel, BI’s senior analyst, pointed out that AI’s impact would primarily result in workforce transformation, not total job loss.