(MENAFN- Live Mint) With artifical intelligence taking over most jobs across the sectors, at least two lakh people are likely to lose their jobs over the next three to five years on Wall Street.
According to Bloomberg Intelligence, global banks are expected to cut as many as 200,000 jobs as artificial intelligence encroaches on tasks currently carried out by human workers.
Some of the jobs that could see an impact include back office, middle office and operations.
On average, chief information and technology officers surveyed indicated a net 3% of their workforce to be cut.
Tomasz Noetzel, senior analyst at Bloomberg Intelligence who wrote the report, said that customer services could see changes as bots manage client functions, while know-your-customer duties would also be vulnerable.
“Any jobs involving routine, repetitive tasks are at risk,” he said.
However, he added that AI will not eliminate them fully; rather, it will lead to workforce transformation.
Citigroup Inc, one of the peer groups covered by Bloomberg Intelligence, said in a report in June that AI is likely to displace more jobs across the banking industry than in any other sector.
Teresa Heitsenrether, who oversees JPMorgan's AI efforts, said in November that the bank's adoption of generative AI was so far augmenting jobs.
AI is likely to make dramatic improvements in workers' quality of life, even if it eliminates some positions, Jamie Dimon, JPMorgan's chief executive officer, told Bloomberg Television in 2023.
Meanwhile, according to the Future of Jobs Report published by the World Economic Forum, technology-related roles are the fastest growing jobs in percentage terms, including Big Data Specialists, Fintech Engineers, AI and Machine Learning Specialists and Software and Application Developers. Whereas, green and energy transition roles, including autonomous and electric vehicle specialists, Environmental Engineers, and Renewable Energy Engineers, also feature within the top fastest-growing roles.
However, Clerical and Secretarial Workers – including Cashiers and Ticket Clerks, and Administrative Assistants and Executive Secretaries – are expected to see the largest decline in absolute numbers.
Similarly, businesses expect the fastest-declining roles to include Postal Service Clerks, Bank Tellers and Data Entry Clerks.
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