Citi sees AI displacing more finance jobs than any other sector

 
Citigroup has projected that artificial intelligence (AI) will likely disrupt more jobs within the banking sector than in any other industry, as it stands poised to transform consumer finance and enhance workforce efficiency.
According to a report released on Wednesday (Jun 19), approximately 54% of jobs across the banking sector have a high potential for automation. Additionally, Citigroup identified that an additional 12% of roles could benefit significantly from augmentation through AI technologies.
Major global banks, including Citigroup, JPMorgan Chase, Deutsche Bank, and ING Groep, have increasingly embraced AI experimentation over the past year. These institutions foresee AI as a means to boost productivity among employees and reduce operational costs.
Citigroup, for instance, plans to empower its 40,000 coders to explore various AI applications. The firm has already utilized generative AI to efficiently analyze extensive regulatory documents by generating summaries based on simple queries.
JPMorgan Chase, under CEO Jamie Dimon’s leadership, anticipates AI adoption enabling a shorter workweek, potentially reducing it to 3.5 days. Meanwhile, Deutsche Bank employs AI to analyze portfolios of affluent clients, and ING Groep uses AI for early identification of potential loan defaulters.
David Griffiths, Citigroup’s Chief Technology Officer, emphasized that generative AI holds transformative potential for the banking industry, enhancing profitability. He stressed Citigroup’s commitment to implementing AI responsibly and securely to maximize its impact alongside the capabilities of its workforce.
Source: businesstimes.com.sg
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