Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Russian Ministry of Defense: 37 Ukrainian drones destroyed in 4 hours over regions of Russia and the Black Sea.
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.

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.

Listen
  • x
  • 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

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025
Launch of a ballistic missile from Yemen toward the occupied Palestinian territories. (YAF military media)

Yemeni Forces announce firing hypersonic missile at Al-Lydd Airport

  • Politics
  • 22 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS