The AI jobs threat is biggest for banking, says Citi
Citigroup Inc. said artificial intelligence is likely to displace more jobs across the banking industry than in any other sector as the technology is poised to upend consumer finance and makes workers more productive.
About 54% of jobs across banking have a high potential to be automated, the bank said Wednesday in a new report on AI. An additional 12% of roles across the industry could be augmented with the technology, Citigroup found.
The world’s biggest banks have slowly begun experimenting more with AI over the last year, spurred by the promise that it will help them boost staffers’ productivity and cut costs. In its latest report, Citigroup found that the technology could add $170 billion to the banking industry’s coffers by 2028.
Citigroup has said it would equip its 40,000 coders with the ability to experiment with different AI technologies, and the company has said it’s used generative AI, which can produce sentences, essays or poetry based on a user’s simple questions or commands, to quickly comb through hundreds of pages of regulatory proposals.
“Our focus now is to taking it from the lab to the factory floor,” Citigroup’s Chief Executive Officer Jane Fraser said Thursday at the company’s digital money symposium, adding that the banking giant is also exploring using AI to offer custom investment recommendations for wealth clients and to improve its cybersecurity offerings.
JPMorgan Chase & Co. is scooping up talent and Chief Executive Officer Jamie Dimon has said he believes the technology will allow employers to shrink the workweek to just 3.5 days. Deutsche Bank AG is using artificial intelligence to scan wealthy-client portfolios. And ING Groep NV is screening for potential defaulters.
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