Jobs Update: Wall Street may lose two lakh jobs in the next five years, AI is the reason; Know how..

AI has had a great impact on human jobs all over the world. A report has claimed that Wall Street could cut 200,000 jobs in three to five years. This is AI because AI is ready to replace humans and work in their role.

There will be cuts in these areas.

According to Bloomberg Intelligence, global banks are set to cut more than 200,000 jobs in the next three to five years. The survey revealed that the bank's chief information and technology officers indicated that they expected a reduction of three percent in their workforce on average. The back office, middle office, and operations are at the highest risk. Changes can also be seen in customer service.

More use of AI in the banking sector

The reason for the impact on jobs is AI because banks are modernizing their IT systems to speed up processes and cut costs in the wake of the financial crisis. Earlier also some reports had come out which said that AI could eliminate more jobs in the banking industry than any other sector. About 54 percent of jobs in the banking sector have a high probability of moving to AI.

Jobs are growing in the AI ​​sector.

Teresa Heitsenreither, who oversees JPMorgan's AI efforts, said the bank's adoption of AI is also driving job growth. JPMorgan Chief Executive Officer Jamie Dimon said in 2023 that AI is likely to improve the lives of workers. He said that because of technology your children will live to be 100 years old and they will not have cancer and literally they will probably work three and a half days a week.

There will be layoffs in 2025, there will be a big impact on America

The US economy continues to recover from the pandemic, and its impact on jobs has been significant. As of January 2025, industries including technology, aviation, and retail have been affected by significant layoffs.

Major companies such as Amazon, Boeing, and Spirit Airlines have announced staff cuts that will continue until this year. Industries including technology, aviation, and retail will be affected by significant layoffs in January 2025.

According to a report, November 2024 saw 57,727 job cuts, a 3.8% increase over October. The technology sector led the way, with 429,608 people affected throughout 2024, according to layoff tracker True Up.

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