It appears that no industry is immune from the threats of artificial intelligence. Many fields like tech, programming, and more have already seen AI replacing human roles. Now it looks like Wall Street could also lose thousands of jobs as AI replaces roles. It looks like the financial services sector is facing disruption as AI technologies are threatening to displace a considerable amount of its workforce.
Thousands of jobs in the financial sector are at risk due to AI
According to a report by Bloomberg Intelligence, Wall Street could see thousands of job cuts as AI is replacing human jobs. Major Wall Street banks could cut more than 200,000 jobs over the next three to five years due to the adoption of AI. Companies mainly attribute the significant job cuts to artificial intelligence’s ability to perform tasks that human workers traditionally carried out more efficiently and accurately.
Furthermore, the report suggests that the impending job cuts will primarily impact back-office, middle-office, and operational departments. The jobs in these fields consist of routine and repetitive tasks. Some of the positions involve data analysis, financial trend assessment, and risk evaluations. These departments are particularly vulnerable as AI systems can process huge amounts of information and generate insights at speeds far better than humans.
Entry-level positions on Wall Street could face an uncertain future
The entry-level positions in Wall Street’s financial sector are the most vulnerable. The banks are considering slashing new hires by as much as two-thirds, as AI assumes responsibilities carried out by junior analysts. Some analysts say they may see job losses equating to five to ten percent.
Furthermore, the source claims that pre-tax profits of the banks could be 12-17 percent higher in 2027 than they are today. Notably, the profit of the banks could surge massively due to improved productivity in the back-end jobs.
The post Wall Street could lose thousands of jobs as AI replaces roles appeared first on Android Headlines.

Source: ndroidheadlines.com