AI Could Displace More Than 50% Of Banking Jobs, According To New Citigroup Report
ForbesJUN 2024
DBS Bank to Cut 4K Jobs as AI Takes Over Human Tasks
Above: Customers use ATMs at a DBS Group Holdings Ltd. bank branch in Singapore, on Feb. 10, 2025. Image copyright: Suhaimi Abdullah/Bloomberg via Getty Images
The Spin
Narrative A
The AI transformation reflects a necessary evolution in banking, promising enhanced efficiency and profitability while creating new high-skilled job opportunities. The measured approach through natural attrition demonstrates responsible management of workforce transition, with AI already delivering hundreds of millions in economic value.
Technoskeptic narrative
The widespread adoption of AI in banking raises serious concerns about job security and workforce inequality. While banks focus on efficiency gains, uncertainty is growing over the ability to repurpose and retrain workers for new roles, potentially leading to significant employment challenges in the financial sector with such a transition.