Wall Street banks could axe as many as 200,000 jobs over the coming years as artificial intelligence is brought in to replace human workers.
According to a Bloomberg Intelligence survey of chief information and technology officers, an average 3% of workforces were expected to be cut in the next three to five years.
Back office, middle office and operational roles were said to be most at risk, Bloomberg Intelligence analyst senior Tomasz Noetzel said.
“Any jobs involving routine, repetitive tasks are at risk,” he added.
“But artificial intelligence will not eliminate them fully, rather it will lead to workforce transformation.”
Customer services and know-your-customer duties were also highlighted as vulnerable to being replaced by bots.
The survey had stretched to 93 respondents and included Citigroup Inc (NYSE:C), JPMorgan Chase & Co (NYSE:JPM, ETR:CMC) and Goldman Sachs executives.
Almost a quarter also projected a steeper decline in headcount of between 5% and 10%, Bloomberg said.