Morgan Stanley: artificial intelligence in banks puts 200,000 jobs at risk in Europe
Potential cuts of 10% of the workforce by 2030, with over 200,000 total jobs at risk
The adoption of artificial intelligence in banks in Europe will lead to potential cuts of up to 10 per cent in the workforce between now and 2030, with more than 200,000 total jobs at risk: these are the predictions of the US bank Morgan Stanley, relaunched by the Financial Times. According to the analysis, the reorganisations will primarily affect central services, as well as the risk management and compliance branches.
The study is based on data from 35 banks operating in Europe, says the Ft. In total, banks on the old continent employ around 2.12 million people, a 10% cut would therefore mean 212,000 redundancies.
According to Morgan Stanley, the use of AI will lead to new branch closures in Europe and will also affect back-office activities.
