Citigroup Report AI's Impact on the Banking Industry

TapTechNews June 20th news, according to a report by Bloomberg today, Citigroup released a new report on AI at local time on Wednesday, and the data shows that about 54% of the positions in the banking industry may be automated.

Citibank said that the number of banking industry jobs replaced by AI may exceed that in any other industry, because AI will disrupt consumers at the financial level and improve employee work efficiency. At the same time, 12% of the positions in the banking industry will also be enhanced through AI.

Since last year, major global banks have gradually begun to embrace AI, as AI is expected to improve employee work efficiency and reduce costs for banks. Citibank is no exception. It has said it will bring the ability to test different AI technologies to 40,000 employees and has already used generative AI technology to quickly browse hundreds of pages of regulatory proposals.

Jamie Dimon, CEO of JPMorgan Chase, also said that he believes AI can enable employers to shorten the weekly working hours to 3.5 days.

Citi's chief technology officer, David Griffiths, said in the attached text of the report that generative AI may revolutionize the banking industry and improve profitability. At Citi, we focus on using AI in a safe and responsible way to empower Citi and our employees.

Citigroup also said that even if AI does replace some roles in the industry, this technology may not lead to a reduction in the number of employees. Because financial companies may still need to hire a large number of AI managers or compliance personnel focusing on AI. In addition, new technologies do not always lead to layoffs. For example, from the 1970s to the mid-2000s, while banks introduced ATMs, the number of tellers still increased significantly.