European banks may cut over 2 lakh jobs by 2030
Business
Big changes are coming to European banking, with AI set to replace a lot of jobs.
A Morgan Stanley report says over 200,000 roles—about 10% of staff across 35 major banks—could disappear by 2030.
Most of these cuts will hit back-office, risk management, and compliance teams.
Why is this happening?
Banks are turning to AI to work smarter and save money, aiming for up to 30% more efficiency.
This shift isn't just in Europe; US banks like Goldman Sachs have already started job cuts and hiring freezes as part of their own AI strategies.
Some leaders warn that while automation is the future, skipping on training the next generation could hurt the industry down the line.