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AI to Impact 200,000 European Banking Jobs by 2030
Read Full Article: AI to Impact 200,000 European Banking Jobs by 2030
Analysts predict that over 200,000 banking jobs in Europe could be at risk by 2030 due to the increasing adoption of artificial intelligence and the closure of bank branches. Morgan Stanley's forecast suggests a potential 10% reduction in jobs as banks aim to capitalize on the cost savings offered by AI and shift more operations online. The most affected areas are expected to be within banks' central services divisions, including back- and middle-office roles, risk management, and compliance positions. This matters because it highlights the significant impact AI could have on employment in the banking sector, prompting considerations for workforce adaptation and reskilling.
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