European Banks Plan to Cut 200,000 Jobs as AI Takes Hold

European Banks Plan to Cut 200,000 Jobs as AI Takes Hold

AI Job Cuts Hit European Banks Hard How many banking jobs will AI eliminate in Europe? According to a new Morgan Stanley analysis, more than 200,000 positions—roughly 10% of the workforce across 35 major banks—could disappear by 2030. The primary drivers? Artificial intelligence adoption and the accelerated closure of physical branches. As lenders race to cut costs and boost efficiency, back-office functions like compliance, risk management, and data processing are squarely in AI’s crosshairs. Credit: Getty Images AI Promises 30% Efficiency Gains—At a Human Cost Banks aren’t just experimenting with AI—they’re betting their futures on it. The Morgan Stanley report estimates that AI integration could deliver efficiency improvements of up to 30%, a figure too compelling for cost-conscious executives to ignore. These gains mainly come from automating repetitive, high-volume tasks that once required armies of junior analysts. Algorithms can now parse regulatory documents, flag compliance risks…