Miscellaneous
fromTechzine Global
6 days agoAI threatens 200,000 jobs at European banks by 2030
European banking faces roughly 10% job cuts by 2030, risking over 200,000 roles as AI-driven automation and branch closures reshape operations.
According to a new Morgan Stanley analysis reported by the Financial Times, more than 200,000 European banking jobs could vanish by 2030 as lenders lean into AI and shutter physical branches. That's roughly 10% of the workforce at 35 major banks. The bloodletting will hit hardest in back-office operations, risk management, and compliance, the unglamorous guts of banking where algorithms are believed capable of tearing through spreadsheets faster and more effectively than humans.
European banks are desperately sliding into American DMs with deposit offers that would've been illegal three years ago - 4.5% on savings, 5.2% on CDs, plus signup bonuses that make Chase look like a lemonade stand. German banks that wouldn't return your emails in 2019 are now advertising in English on Facebook, offering higher rates than they give their own citizens. Deutsche Bank just launched an American deposit campaign while still paying Germans 0.01% on the same accounts