AI โฃPoised to Automate Overโค Half of Banking Jobs, Citiโค Analysis Reveals
A new report from Citi indicates that artificial intelligence isโค set to dramatically reshape the financial sector workforce, with 54%โ of banking jobs identified as having a high potential โfor automation.The Juneโข 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 โฃreport highlights insurance (46%), energy (43%), and capital markets (40%) as other sectors facing โsubstantial automation potential.The findings arrive as OpenAI pivots toward enterprise solutions, seeking stable, high-value revenue streams, while broader concerns โabout AI’s impact on โthe job market continue to escalate. โฃOpenAI CEO Sam Altman stated in โขMay that AI could displace โค70% of all jobs, andโค Anthropic CEO Dario Amodei predicted in โthe 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 implicationsโ of these findings extend beyond individual job losses. Theโข transformation of entry-level roles, in particular, could disrupt customary career pathways and necessitate widespreadโ reskilling initiatives. As AI takes over โขroutine tasks, the demand for employees with โขexpertise in areas โคlike โคdata analysis, AI implementation, and complex problem-solving is expected to grow. this shift underscores โขthe urgency for financial institutions and policymakers to proactively address the challenges and opportunities presented by the rapidly evolving AI landscape.
