Overview
- The projection covers about 35 major European lenders employing roughly 2.12 million people, implying a 10% workforce reduction by 2030.
- Cuts are expected to concentrate in back-office and middle-office functions including risk management and compliance as data-heavy tasks are automated.
- Banks cite AI-driven digitalisation and branch closures to pursue efficiency gains of around 30% and improved cost-to-income ratios.
- Concrete actions include ABN Amro’s plan to reduce headcount by about 20% by 2028, while Société Générale’s chief executive has said “nothing is sacred.”
- Some leaders warn of weakened junior training even as the shift goes global, with Goldman Sachs telling U.S. staff in October to expect cuts and a hiring freeze under its “OneGS 3.0” program.