Artificial Intelligence (AI) is emerging as a significant factor in reshaping the job market. According to a recent Bloomberg Intelligence survey, global banks are projected to eliminate up to 200,000 jobs over the next three to five years. This amounts to a net reduction of 3% of their workforce, primarily due to AI automating tasks that were once performed by humans, particularly in back office, middle office, and operations roles.
Despite the anticipated job losses, there is a potential upside. Banks’ profits are expected to increase due to enhanced productivity and efficiency brought about by AI. This transition means that while certain roles may become obsolete, new opportunities will likely arise in areas that demand advanced technical skills and the management of AI systems.
The World Economic Forum’s Future of Jobs Report 2025 further illuminates this shift. The report predicts that 39% of current job skills may become obsolete by 2030. However, it also forecasts a net increase of 78 million jobs globally. This indicates a dynamic job market where new roles are created even as others are phased out.
Sources:
https://www.newsbytesapp.com/news/business/wef-says-almost-40-job-skills-will-become-obsolete/story
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