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Citi Sees AI Impacting More Than Half Of All Finance Jobs

Citi Sees AI Impacting More Than Half Of All Finance Jobs
According to a new report by Citi, 54% of jobs in the banking sector have a higher potential for automation.

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A new report by Citi has revealed that the banking sector will be the most impacted by artificial intelligence (AI), with 54% of jobs in the industry having a higher potential for automation. The report also highlighted that AI-powered clients could lead to increased price competition in the finance sector, potentially shifting the balance of power. Additionally, the report raised concerns about compliance, security, regulation, and ethics in a "bot-powered world." Other industries with a high potential for automation include insurance, capital markets, and energy. The report follows earlier findings from the International Monetary Fund (IMF), which suggested that around 60% of jobs in advanced economies could be impacted by AI. The IMF also warned that AI integration could result in lower labor demand, reduced wages, and decreased hiring. Meanwhile, technology such as AI and automation are increasingly being used to help CFOs amid a shortage of accountants. Jarrett Bruhn, managing director at Bank of America, noted that AI and machine learning are transforming everything in treasury, comparing it to the Industrial Revolution 4.0.

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