What the furore over ‘lower-value human capital’ reveals about AI and the future of banking
Lenders are learning that the artificial intelligence transition requires more than charting productivity gains
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AS BANKS around the world wax lyrical about the transformative potential of artificial intelligence, most executives have been careful to frame workforce reductions as part of broader efficiency drives, even as they pour billions of dollars into automation and AI.
But read between the lines and it becomes clear that even if AI is not the main driver of job cuts, it has certainly given banks the means to trim headcount on a scale not seen in years.
More than 10,000 jobs were cut on Wall Street last year – the most since 2016.
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