Bloomberg Intelligence recently said that about 2 lakh people may have to lose their jobs in the coming 3 to 5 years. A large number of people may be laid off from jobs by global banks. According to Bloomberg, the main reason behind this is being said to be AI. Because through AI, the work being done by people in banks is getting done easily.
Bloomberg said that global banks could cut 200,000 jobs in the next three to five years due to AI. All the work of the bank is being done with the help of AI tools and the costs are also coming down. According to Bloomberg's report, its officers conducted a survey, in which it was found that about 3 percent of the workforce could be cut within the coming 5 years.
On behalf of BI, Tomas Noelzel said on this report that the work in banks is repetitive, which is done many times a day. AI will be able to do those tasks easily. However, he also emphasized that jobs will not be completely eliminated with the advent of AI. Rather there may be a cut. In the survey, a sample of people were asked to answer about this. Among the 93 respondents, more than a quarter believe that in the future, the number of banking employees may be reduced by 5 percent to 10 percent.
The report also says that the pretax profit of banks is expected to increase by 12 to 17 percent in the year 2027. Apart from this, due to AI, the combined bottom line of banks can increase by 180 billion dollars. There is a possibility of automation of 54% jobs in the banking industry. The report said that JP Morgan is also now in the direction of accepting AI, this will increase productivity in the future and because banks will get more profits at lower costs. Therefore there may be a reduction in the workforce.
