AI is reshaping the banking sector, but not destroying jobs

Good morning. An AI takeover of finance jobs does not appear imminent, experts say.

My Fortune my colleague Emma Burleigh delves deeper into this topic in his new report“Is AI really killing finance and banking jobs? Experts say Wall Street layoffs may be more hype than buyout — for now.” For example, despite headline-grabbing layoffs on Wall Street this year, overall headcount in the banking and finance sector has remained relatively stable.

“I think that the general [headcount] The trend in the banking sector over the last decade is stable or even slightly declining,” Pim Hilbers, managing director working with banking and talent at BCG, told Burleigh.. “I don’t see that changing anytime soon. This doesn’t mean everyone stays in their job for life. I think we’re seeing a lot more mobility than in the past.

Burleigh writes of the banking industry: “So far, America’s largest financial institutions have not made major workforce reductions. just four fewer workers at the end of the third quarter of this year, compared to 2024. During the same period, JPMorgan saw its headcount increase by 2,000 employees, and more than a third of the new hires were integrated into the company’s operations. Even Goldman Sachs, which has made several rounds of layoffs this year, employed 48,300 people in September, about 1,800 more than the year before.
“Banks not yet ready to lay off staff, experts say Fortune they hold back their workforce growth for as long as possible, relying on AI efficiency gains until they are forced to add more humans to the payroll. They predict this slow hiring period could last for years. While AI isn’t replacing bankers yet, problems could be on the horizon for marketers and accountants. You can read the full report here.

In banking, AI is also reshaping competitive advantage, a recent report on BCG find. Predictive, generative and agentic AI are redefining the foundations of scale, efficiency and customer experience. Banks must anchor AI strategy in their business strategy. And “winning institutions” focus on areas where AI will deliver real returns, not just deploying more technology, according to BCG.

Sheryl Estrada
sheryl.estrada@fortune.com

This story was originally featured on Fortune.com

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