More than 200,000 European banking jobs are under threat over the next five years as lenders increasingly embrace artificial intelligence and close more branches, analysts have estimated.
The forecast from Morgan Stanley that the industry could cut 10 per cent of jobs by 2030 comes as banks are rushing to secure the savings promised by AI while also moving more of their operations online.
Cuts are most likely to come from within banks’ “central services” divisions, which include back- and middle-office roles, as well as risk management and compliance positions, according to the analysis of 35 lenders.
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