Wall Street Job Losses May Top 200,000 as AI Replaces Roles
https://finance.yahoo.com/news/wall-street-job-losses-may-071500049.html
Banks, which have spent years modernizing their IT systems to speed up processes and shave costs in the wake of the financial crisis, have been flocking into the new generation of AI tools that could further improve productivity.
Citi said in a report in June that AI is likely to displace more jobs across the banking industry than in any other sector. About 54% of jobs across banking have a high potential to be automated, Citi said at the time.
https://finance.yahoo.com/news/wall-street-job-losses-may-071500049.html
Banks, which have spent years modernizing their IT systems to speed up processes and shave costs in the wake of the financial crisis, have been flocking into the new generation of AI tools that could further improve productivity.
Citi said in a report in June that AI is likely to displace more jobs across the banking industry than in any other sector. About 54% of jobs across banking have a high potential to be automated, Citi said at the time.