European banks to cut 200,000 jobs as AI adoption accelerates
Europe’s banking sector is preparing for significant workforce changes. According to a new Morgan Stanley analysis reported by the Financial Times, more than 200,000 banking jobs across 35 major European banks could disappear by 2030 due to the increased adoption of artificial intelligence and branch closures. This represents approximately 10% of the workforce in these banks.
Source Yahoo Finance
These developments highlight banks’ drive towards greater efficiency through digital transformation, though with notable social consequences for many employees. The use of AI is expected to reduce operational costs but will also require workforce reskilling and adaptation.
Analysts predict the European banking sector will undergo a decade-long transformation, potentially enhancing services but also leading to social challenges due to widespread job cuts.
