Artificial intelligence threatens to lay off over 200,000 bankers in Europe by 2030 – FT

According to Morgan Stanley’s forecasts, European banking institutions could cut about 10% of their staff by 2030 due to the massive adoption of artificial intelligence and digitalization. Approximately 212,000 jobs will be at risk, primarily in back-office, risk management, and compliance departments. This is stated in a Financial Times article, writes UNN.

DetailsBanks are striving to increase efficiency by 30% to catch up with American competitors in terms of profitability.

Many banks have noted a 30 percent increase in efficiency thanks to artificial intelligence and further digitalization

For example, the Dutch ABN Amro is already planning to cut a fifth of its staff by 2028, and at UBS, analysts are being replaced by digital avatars.

Risks for the future of the industryDespite potential savings, top management of large banks warns against excessive hype. Conor Hiller from JPMorgan Chase emphasizes the need to preserve fundamental learning principles: “The only thing we need to be very careful about is that people don’t lose their understanding of the basics and fundamental principles. Otherwise, we are accumulating a big problem for the future.”

According to experts, the largest wave of restructuring will affect the banking landscape of France and Germany, where a high cost-to-income ratio is traditionally maintained.

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