In the next three years, the global banks are expected to cut nearly 2 lakh jobs as artificial intelligence rapidly takes over work that is generally done by humans, according to a report from Bloomberg Intelligence (BI).
The findings, released Thursday, indicate an anticipated net workforce reduction of 3 percent on average, based on surveys of chief information and technology officers.
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Tomasz Noetzel, BI's senior analyst and author of the report, pointed out that roles in the back office, middle office, and operations are most vulnerable.
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Customer service functions may also be impacted as AI-driven bots begin to handle client interactions, while "know-your-customer" tasks are likely to see significant changes.
“Any jobs involving routine, repetitive tasks are at risk," Noetzel noted. “But AI will not eliminate them fully, rather it will lead to workforce transformation.”