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Wall Street Job Losses May Top 200,000 As AI Replaces Roles
An anonymous reader quotes a report from Bloomberg: Global banks will cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, according to Bloomberg Intelligence. Chief information and technology officers surv...
Chief information and technology officers surveyed for BI indicated that on average they expect a net 3% of their workforce to be cut, according to a report published Thursday. In 2027, banks could see pretax profits 12% to 17% higher than they would otherwise have been -- adding as much as $180 billion to their combined bottom line -- as AI powers an increase in productivity, according to BI. Unlike the survey results from 2023, this year's report did not say that most technology, including AI, were expected to be a "net positive" for job numbers.
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