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Wall Street to lose 200,000 jobs as AI cuts roles: Bloomberg

  • By Al Mayadeen English
  • Source: Bloomberg
  • 9 Jan 2025 14:01
  • 1 Shares
3 Min Read

Bloomberg Intelligence predicts that global banks may reduce their workforce by up to 200,000 jobs over the next three to five years as artificial intelligence takes over.

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  • Lights marking the entrance to a subway station frame the New York Stock Exchange in New York's Financial District on December 23, 2024. (AP)
    Lights marking the entrance to a subway station frame the New York Stock Exchange in New York's Financial District on December 23, 2024. (AP)

According to a Bloomberg Intelligence (BI) report on Thursday, global banks may reduce their workforce by up to 200,000 jobs over the next three to five years, as artificial intelligence increasingly takes over roles traditionally performed by humans.

A survey of chief information and technology officers conducted for BI revealed that, on average, they anticipate a 3% reduction in their workforce.

Tomasz Noetzel, the senior analyst at BI who authored the report stated in a message that back office, middle office, and operations areas are those most likely to be impacted.

Customer service functions are expected to evolve as bots handle client interactions, while know-your-customer responsibilities are also vulnerable to automation.

He said, "Any jobs involving routine, repetitive tasks are at risk,” adding, “But AI will not eliminate them, rather it will lead to workforce transformation."

Decline between 5% and 10% 

According to the BI report, nearly a quarter of the 93 respondents anticipate a more substantial reduction of 5% to 10% in overall headcount. That said, the peer group examined by BI includes prominent banks such as Citigroup Inc., JPMorgan Chase & Co., and Goldman Sachs Group Inc.

These findings suggest substantial transformations within the industry, leading to improved earnings, according to the report. 

Read next: AI takeover in UK: 8 million jobs on the line

By 2027, banks could see a 12% to 17% rise in pretax profits, potentially boosting their combined bottom line by up to $180 billion as AI drives productivity gains, according to BI.

As per the report, eight out of ten respondents believe that generative AI will boost productivity and revenue by at least 5% within the next three to five years.

Banks embracing AI tech 

The BI report notes that after spending years modernizing their IT infrastructure to streamline processes and cut costs in the aftermath of the financial crisis, banks are now adopting the latest AI technologies, which hold the potential to further boost productivity.

Citi's June report highlighted that AI is anticipated to displace more jobs in the banking sector than in any other industry. The report indicated that around 54% of jobs within banking have a high likelihood of being automated.

However, the report also underscores that many firms have stressed the shift will result in job transformations driven by technology, rather than total replacements.

In November, Teresa Heitsenrether, who heads JPMorgan's AI initiatives, noted that the bank’s adoption of generative AI has primarily been focused on augmenting jobs, rather than replacing them.

  • Tomasz Noetzel
  • Artificial Intelligence
  • Wall Street

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