wallstreets lay-offs  global banks may cut as many as 200,000 jobs in the next three to five years due to advances in artificial intelligence (ai), according to a bloomberg intelligence report. back-office, middle-office, and customer service roles are among those most at risk, with repetitive tasks like know-your-customer checks likely to be automated. ai will not eliminate them fully, rather it will lead to workforce transformation, said tomasz noetzel, a senior analyst at bloomberg intelligence. despite potential job losses, ai is expected to boost the banking sectors profits significantly. bloomberg intelligence estimates that productivity gains from ai could add $180 billion in pretax profits by 2027, increasing bank earnings by 12% to 17%. eighty percent of surveyed banking executives expect generative ai to raise productivity and revenue by at least 5% in the next few years. while citi projects the banking industry will see more ai-driven job displacement than any other sector, many firms stress that technology will transform roles rather than replace them entirely. jpmorgan ceo jamie dimon stated in a previous interview that ai could improve workers quality of life, predicting that future generations might work three-and-a-half days a week. similarly, jpmorgan executive teresa heitsenrether said the banks adoption of generative ai has so far augmented jobs.
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