European banks may lay off 200,000 due to AI

Over 200,000 banking jobs in Europe could disappear by 2030 as banks invest more in AI and close physical branches according to a new analysis by Morgan Stanley reported by the Financial Times. This is equivalent to around 10% of the workforce at 35 major banks.

The biggest cuts are expected in back-office functions, risk management and compliance, where AI can automate much of the work. At the same time, several banks expect to increase efficiency by up to 30%.

JPMorgan Chase VP for Europe, Middle East and Africa Conor Hillery warns that integrating technology should be done carefully.

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AndyC

Andy Curtis is an award-winning security consultant, researcher and public speaker. He has been working in the computer security industry since the early 1990s, having been employed by state and federal government, leading healthcare and banking providers across three continents. He has given talks about computer security for some of the world’s largest companies, worked with law enforcement agencies on investigations into hacking groups, and is a regular voice on TV and radio explaining IT security threats.

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