Good morning. An AI-fueled takeover of finance jobs doesn’t seem imminent, specialists say.
My Fortune colleague Emma Burleigh takes a deep dive into this matter in her new report, “Is AI really killing finance and banking jobs? Experts say Wall Street’s layoffs may be more hype than takeover—for now.” For instance, regardless of Wall Avenue’s headline-grabbing layoffs this 12 months, general headcount throughout banking and finance has remained comparatively steady.
“I think the general [headcount] trend in the banking industry over the last decade is stable to slightly declining,” Pim Hilbers, a managing director working with banking and expertise at BCG, instructed Burleigh. “I don’t see that changing anytime soon. That doesn’t mean that everybody just stays in their job for life. I think we see a lot more mobility than we saw in the past.”
Burleigh writes concerning the banking sector: “So far, America’s largest financial institutions haven’t been making deep workforce cuts. Bank of America employed just four fewer workers at the end of the third quarter this year, compared to 2024. In that same time period, JPMorgan saw its headcount climb by 2,000 employees, and more than a third of the new staffers were brought onto corporate operations. Even Goldman Sachs, which implemented multiple rounds of layoffs this year, employed 48,300 this September—around 1,800 staffers higher than the year before.
“Banks aren’t ready to shed staffers just yet; experts tell Fortune they’re pulling back on headcount growth for as long as possible, leaning on AI efficiency gains until they’re forced to add more humans to payroll. They predict this sluggish period of hiring could last for years.” Though AI isn’t changing bankers simply but, there may very well be bother on the horizon for entrepreneurs and accountants. You may learn the whole report right here.
Relating to banking, AI can be reshaping aggressive benefit, a current BCG report finds. Predictive, generative, and agentic AI are redefining the foundations of scale, effectivity, and buyer expertise. Banks should anchor AI technique in enterprise technique. And “winning institutions” deal with the place AI will ship actual returns, not simply on deploying extra expertise, in response to BCG.
Sheryl Estrada
sheryl.estrada@fortune.com
This story was initially featured on Fortune.com
