Experts warn AI advances could lead to 200,000 banking jobs being cut this year

• 200,000 European banking jobs could be lost by 2030, analysts warn
• Physical bank closures have already led to widespread losses
• JPMorgan Chase CEO disagrees – we need entry-level jobs for long-term success

AI-induced tech layoffs are already widely reported, but a new Morgan Stanley report (via the Financial Times) suggests banking could be the next industry to be hit with widespread redundancies.

The report claims as many as 200,000 European banking jobs are forecast to be at risk by 2030 as a result of AI, equating to around 10% of Europe's finance workforce across 35 major banks.

Job cuts are mostly expected to hit back- and middle-office roles, including risk management and compliance, where AI can deliver around 30% efficiency gains.