"Bank CEOs have praised the pivotal efficiency changes promised by AI. Some have said AI will cut jobs, and others say it will create more employment opportunities. As banks reported earnings this week, CEOs dropped more insight into how generative AI could boost productivity, replace some roles, and keep head count from growing."
"Banks, many of which became bloated during the frenzied deal boom of the pandemic, have been slimming down their ranks over the last few years. It's becoming clearer that, despite dealmaking making a comeback, executives are signaling they want to do more with fewer people, leaning on AI to boost productivity and absorb additional work. We've highlighted some of the most revealing comments from bank CEOs and CFOs on head count and AI."
Generative AI is positioned to substantially increase productivity across banking operations, allowing tasks to be automated and some roles to be replaced while opening opportunities for new positions. Many banks expanded staff during the pandemic deal boom and have been reducing head count in recent years. Despite a resurgence in dealmaking, banks plan to absorb additional workload through AI rather than expand workforces. Executives anticipate AI will both cut certain jobs and create new employment opportunities in different areas. Banking leaders highlight a strategic emphasis on doing more with fewer people by leaning on AI-driven efficiency gains.
Read at Business Insider
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