AI threatens 200,000 banking jobs in Europe

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Europe’s banks are staring down a future where the biggest threat isn’t a financial crisis or a rogue trader, it’s software that never sleeps, never complains, and doesn’t ask for bonuses. 

According to a new analysis from Morgan Stanley, first reported by the FT, European lenders could slash more than 200,000 jobs by 2030 as AI muscled its way into the vault. 

That’s about 10% of the workforce across 35 major banks, roughly the population of a small city, minus the espresso machines. The cuts won’t hit the high-flying dealmakers first. 

Instead, the carnage is expected in back-office roles like risk management, compliance, and operations, the unflashy but essential plumbing of modern banking. 

These are the jobs where AI excels, churning through spreadsheets, regulations, and reports at speeds that make human analysts look like they’re using dial-up. 

The reward? A projected 30% efficiency boost, which banks appear to find irresistible.

And this isn’t just a European phenomenon. Across the Atlantic, Goldman Sachs warned US employees last October to brace for job cuts and a hiring freeze through 2025.

The reason: an AI-driven overhaul called “OneGS 3.0,” which promises to automate everything from onboarding new clients to filing regulatory paperwork. 

Even Wall Street, it seems, has decided the robots are cheaper.

Some banks aren’t waiting around. Dutch lender ABN Amro plans to cut about 20% of its staff by 2028, while Société Générale’s CEO has reportedly declared that “nothing is sacred.” 

That’s not exactly comforting if your job involves checking boxes and approving forms.

Still, a few voices are urging restraint. An executive at JPMorgan Chase cautioned that if junior bankers never learn the basics because AI does it all, the industry could pay for it later. 

In other words, sure, the machines are fast, but someone still needs to know where the off switch is.