European banks could cut more than 200,000 jobs by 2030 as artificial intelligence adoption accelerates, according to a Morgan Stanley analysis reported by the Financial Times. The reductions, about 10% of the workforce across 35 major banks, are expected mainly in back-office, risk, and compliance roles. Lenders anticipate efficiency gains of up to 30%. Similar AI-driven job cuts are underway at banks in the United States.
European banks could cut more than 200,000 jobs by 2030 as artificial intelligence adoption accelerates, according to a Morgan Stanley analysis reported by the Financial Times. The reductions, about 10% of the workforce across 35 major banks, are expected mainly in back-office, risk, and compliance roles. Lenders anticipate efficiency gains of up to 30%. Similar AI-driven job cuts are underway at banks in the United States.