economy

January 1, 2026

European banks plan to cut 200,000 jobs as AI takes hold

The bloodletting will hit hardest in back-office operations, risk management, and compliance.

European banks plan to cut 200,000 jobs as AI takes hold

TL;DR

  • Over 200,000 European banking jobs may be lost by 2030.
  • This accounts for roughly 10% of the workforce at 35 major banks.
  • Job cuts are driven by AI adoption and the closure of physical branches.
  • Back-office operations, risk management, and compliance are expected to be most affected.
  • Banks anticipate efficiency gains of up to 30%.
  • Goldman Sachs is also pursuing AI-driven job cuts and a hiring freeze in the U.S.
  • ABN Amro plans to cut a fifth of its staff by 2028.
  • Some express concern that junior bankers may not learn fundamentals due to these changes.

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