Due to the rapidly growing influence of Artificial Intelligence (AI), changes are being seen in almost every area of life. Although many tasks have become easier due to this, it is also having a direct impact on jobs. A new report by Bloomberg Intelligence has revealed that more than 2 lakh jobs of global banks' employees may be lost in the coming 3 to 5 years.
What does the report say?
- According to a survey of Chief Information and Technology Officers by Bloomberg Intelligence (BI),
- There is a possibility of 3% of total jobs being cut.
- Millions of jobs could be lost due to automation and AI tools.
- BI Senior Analyst Tomasz Noetzel says that
- Jobs that require similar tasks to be performed repeatedly are most at risk.
- However, not all jobs will disappear, but their nature will change.
Which sectors will be affected the most?
The Bloomberg Intelligence study included several large banks, such as:
- Citigroup Inc.
- JPMorgan Chase & Co.
- Goldman Sachs Group Inc.
key points:
- 25% of companies said that 5% to 10% of their total employees will be affected due to AI.
- Banking Sector:
- Most of the jobs will go from this sector.
- Automation of about 54% of the jobs in the banking sector is possible.
- Thanks to AI tools:
- Productivity of companies will increase.
- There will be a reduction in expenses.
- The speed of work will improve.
Reason behind loss of jobs
- Use of automation and AI tools:
- The use of AI for repetitive tasks is increasing rapidly.
- Efforts to reduce expenses:
- Companies are cutting their operational costs with AI tools.
- Speed and Productivity:
- Existing tasks are being made faster and more accurate with the help of AI.
Will jobs disappear completely?
- Transformation of jobs:
- Many experts believe that instead of disappearing jobs, their nature will change.
- New jobs and opportunities will be created due to AI.
- The existing way of working will change:
- Employees can prepare themselves with the changing times by learning new skills.