European banks plan to cut 200,000 jobs as AI takes hold
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European banks are set to cut over 200,000 jobs by 2030, as reported by Morgan Stanley. This represents about 10% of the workforce at 35 major banks, primarily affecting back-office operations, risk management, and compliance due to the rise of AI. Projected efficiency gains of 30% are driving this trend. Job cuts are also occurring in the U.S., with Goldman Sachs implementing a hiring freeze. Some banks, like ABN Amro, plan significant staff reductions, while others caution against losing fundamental skills in the workforce.
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