Banking Jobs at Risk From AI

According to a new Citi report, banking jobs are the most at risk because of artificial intelligence, reports Business Insider:

“AI has already been thought to have the potential to change jobs in every industry profoundly. But, according to a new report from Citigroup researchers, ‘finance will be at the forefront of the changes.’

“‘What a bank or financial firm looks like in the mid-2020s, be it retail or wholesale finance, looks very different to the mid-1980s, or the mid-1940s,’ the report said. ‘AI will repeat this cycle, possibly speeding it up.’

“While general-purpose technologies, or GPTs, create new opportunities for innovation and can improve quality of life, ‘they also destroy existing ways of doing things,’ the report added. ‘And as such, they also create losers, especially in the short term.’

“With data pulled from Accenture Research and the World Economic Forum, Citi’s researchers said that about 67% of banking jobs have ‘higher potential’ to be automated or augmented by AI. That means ‘banking jobs’ (which the report didn’t narrowly define) have the highest potential for AI-led job displacement.”

To read the entire Business Insider article, click HERE.