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AI to displace more finance jobs than any other sector: Citi

Citigroup Inc. predicts artificial intelligence (AI) will displace more banking jobs than in any other sector, transforming consumer finance and boosting productivity. About 54% of banking jobs have high automation potential, with another 12% likely to be augmented by AI, according to a new report. Major banks are experimenting with AI to enhance staff productivity and reduce costs. Citigroup is equipping 40,000 coders with AI tools and using generative AI to review regulatory proposals. JPMorgan Chase is hiring AI talent, and Deutsche Bank uses AI for client portfolio analysis. Citigroup’s CTO, David Griffiths, emphasised implementing AI responsibly. Despite potential job displacement, AI might not reduce headcounts as new roles for AI management and compliance emerge.


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