AI Poised to Automate Over Half of Banking Jobs, Citi Analysis Reveals
A new report from Citi indicates that artificial intelligence is set to dramatically reshape the financial sector workforce, with 54% of banking jobs identified as having a high potential for automation.The June 2024 analysis further suggests an additional 12% of roles could be augmented by AI technologies, signaling a meaningful shift in the skills and labor needed within the industry.
This wave of AI adoption isn’t limited to banking. The Citi report highlights insurance (46%), energy (43%), and capital markets (40%) as other sectors facing substantial automation potential.The findings arrive as OpenAI pivots toward enterprise solutions, seeking stable, high-value revenue streams, while broader concerns about AI’s impact on the job market continue to escalate. OpenAI CEO Sam Altman stated in May that AI could displace 70% of all jobs, and Anthropic CEO Dario Amodei predicted in the same month that AI could eliminate half of all entry-level white-collar positions, possibly leading to 10-20% unemployment within the next one to five years.
The implications of these findings extend beyond individual job losses. The transformation of entry-level roles, in particular, could disrupt customary career pathways and necessitate widespread reskilling initiatives. As AI takes over routine tasks, the demand for employees with expertise in areas like data analysis, AI implementation, and complex problem-solving is expected to grow. this shift underscores the urgency for financial institutions and policymakers to proactively address the challenges and opportunities presented by the rapidly evolving AI landscape.
