Artificial Intelligence Intervention, Wall Street Expects 200,000 Layoffs!
According to BI industry research: Wall Street banks (including Citigroup, JPMorgan Chase, Goldman Sachs, etc.) expect to lay off 200,000 employees in the next 3-5 years, primarily concentrated in back-office, middle-office, and operational positions. These roles involve routine and repetitive tasks, such as customer service and Know Your Customer (KYC) roles.
Artificial Intelligence (AI) simplifies operational processes, enhancing banks' productivity and profitability. It is estimated that by 2027, AI will drive a 12%-17% growth in bank profits, adding up to $180 billion.
AI will not completely eliminate jobs but will prompt employees to adapt to new technological environments. Positions requiring higher cognitive skills will be less affected, but most job forms will change. Robots will take on more customer-facing tasks, reducing the need for human intervention.
Industry leaders (such as JPMorgan CEO Jamie Dimon) believe that AI will improve employees' quality of life, making work more efficient and less monotonous.
The financial industry will enter a new era dominated by AI, which may reduce traditional positions while also bringing new opportunities and improving work-life balance. However, this transformation has also raised concerns about job forms and the future of the industry.