AI: Over 210,000 jobs at European banks at risk by 2030, says forecast

In the European banking sector, around 10 percent of jobs could be cut by 2030, with AI technology handling the eliminated work. This is at least the result of an analysis by the US bank Morgan Stanley, which the Financial Times quotes. It is predicted that European banks could cut more than 210,000 jobs in the next five years, "while increasingly relying on AI." Branch closures are also likely to contribute to the expected job cuts, as banking business is increasingly moving online. Those responsible expect efficiency increases of 30 percent.

Warning against hasty AI implementation

As the Financial Times reports, job cuts are primarily expected in "central service areas," such as risk management and compliance. The hope is that this will reduce costs. The impact could be greatest in countries where costs are particularly high compared to revenues. These include France and Germany. However, such efficiency gains are not yet visible, the newspaper quotes an expert. At the same time, there are warnings that a hasty implementation of AI technology could lead to a loss of understanding of the fundamentals. Otherwise, there will be a big problem in the future, the Financial Times quotes a bank manager.

The analysis by Morgan Stanley joins a long list of warnings about the consequences that AI technology could have for the job market. While things have become a bit quieter again after the most dramatic predictions, it should now also be clearer where AI can actually take over work and where it cannot.

However, there are also indications that increased use of AI could also create new jobs. At least that's how Bitkom sees it.

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