{"id":947,"date":"2026-06-08T05:41:28","date_gmt":"2026-06-08T05:41:28","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=947"},"modified":"2026-06-08T05:41:28","modified_gmt":"2026-06-08T05:41:28","slug":"banks-lay-groundwork-for-mass-workforce-cuts-as-ai-takes-hold","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=947","title":{"rendered":"Banks lay groundwork for mass workforce cuts as AI takes hold"},"content":{"rendered":"
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But Bonnick, a student at Warwick University, isn\u2019t preparing to talk to a human hiring manager. He\u2019s tackling initial screening rounds done by artificial intelligence-powered software.<\/p>\n

Read more AI\u2019s mega stock deals raise specter of more shares than buyers<\/a><\/p>\n

With more firms adopting AI, students gunning for a career in banking and finance are preparing to be up against such technology at first interaction. If they get in the door, they\u2019re then faced with the question of whether the jobs will be available to humans in the next few years.<\/p>\n

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Most executives are in agreement: Jobs will be cut as AI is implemented. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said in December that the technology \u201cwill eliminate jobs.\u201d Jane Fraser, Citigroup Inc.\u2019s CEO, said some jobs \u201cwill no longer be required,\u201d while Goldman Sachs Group Inc. President John Waldron referred to employees as a \u201chuman assembly line\u201d ripe for automation.<\/p>\n

As Standard Chartered Plc CEO Bill Winters put it: \u201cIt\u2019s not cost cutting; it\u2019s replacing in some cases lower-value human capital with the financial capital and the investment capital we\u2019re putting in.\u201d (He later\u00a0apologized\u00a0for his remarks.)\u00a0<\/p>\n

With those recent comments, industry workers have been left dazed about whether their jobs are safe. Even for those in higher levels, the risk that AI could eventually replace their roles has grown.\u00a0<\/p>\n

And while executives, including Dimon and Barclays Plc Chief Executive Officer CS Venkatakrishnan, have talked about retraining and reskilling employees to protect some jobs, it\u2019s unclear how that would work in practice, said David Parsons, an employment lawyer at Mishcon de Reya.<\/p>\n

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One investment banker in the United Arab Emirates, who asked not to be identified, joked he may not be needed in the next five to 10 years, after he used Microsoft Corp.\u2019s Copilot to help make a last-minute elevator pitch before a client meeting.<\/p>\n

\u201cIt\u2019s fair to say middle office is vulnerable,\u201d Parsons said. \u201cThat\u2019s the difference with this wave of automation, it impacts jobs higher up the chain.\u201d\u00a0<\/p>\n

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Students, who for years gravitated to finance for its stability and high-paying nature, are now finding less entry-level roles available to them.\u00a0<\/p>\n

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\u201cI was looking at potentially applying for a master\u2019s to give me another year to apply for jobs,\u201d Bonnick said.<\/p>\n

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Read More:\u00a0Students Turn to Emergency Postgrad Degrees to Beat Jobs Crisis<\/p>\n

Banks are cutting junior analyst classes by as much as two-thirds while sourcing roughly 62% of their AI talent from those same cohorts, said Debasish Patnaik, senior partner and leader of QuantumBlack, McKinsey & Co.\u2019s AI consulting arm.\u00a0<\/p>\n

While graduate intakes \u201cwill shrink,\u201d banks are unlikely to shed them altogether, according to Patnaik.\u00a0<\/p>\n

\u201cBanking is an apprenticeship business. Today\u2019s junior analysts become tomorrow\u2019s managing directors,\u201d said Patnaik. \u201cSenior judgment cannot be manufactured laterally.\u201d<\/p>\n

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Targeted Use Cases<\/h3>\n

By and large, banks are currently trying to implement AI across certain functions, including customer service and transaction and trade monitoring.<\/p>\n

\u201cRather than looking for the Battleship Galactica, all singing, all dancing bank run by agentic AI, we\u2019re going to see much more single point use cases over the over the coming years,\u201d said Antony Jenkins, a former CEO of Barclays and founder of consultancy 10x Banking Technologies Ltd.\u00a0<\/p>\n

Read more Trump calls Iran war a \u2018military exercise\u2019 even as Hormuz fighting heats up and denies promising no new wars \u2014 despite repeated pledges<\/a><\/p>\n

Citigroup is\u00a0rolling out\u00a0a conversational AI-powered wealth management avatar that offers clients financial guidance. The multilingual avatar can\u00a0advise\u00a0on what to do when your bank certificates of deposit are maturing, for example, or how to manage your children\u2019s college fund.<\/p>\n

Barclays is using AI to monitor calls involving human customer service staff, which is helping to improve efficiency without putting jobs at risk, Venkatakrishnan said earlier this year. The firm\u00a0saidin February that it had seen efficiency gains with more than 8 million customer calls summarized by generative AI since the program rolled out in October.\u00a0<\/p>\n

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Digital bank Revolut Ltd. recently launched an in-app AI assistant called AIR that gives customers a granular breakdown of spend, sorting travel and essentials or setting card controls.\u00a0<\/p>\n

It\u2019s designed to make financial management \u201cas easy and natural as sending a text,\u201d said Julia Ponomareva, Revolut\u2019s partner and general manager of customer experience and AI products.<\/p>\n

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In terms of hiring and interviewing functions, some recruiters think banks won\u2019t lean on AI. While Bonnick, the student at Warwick, may be preparing to speak to an AI bot in screening interviews, banks are unlikely to use such technology because the risks are significant, according to Tom Lakin, global head of future of work at recruitment firm Robert Walters. At least one screening software company removed a facial analysis component in 2021, he added.\u00a0<\/p>\n

Separately, some remain wary of the consequences of redundancies across certain functions.<\/p>\n

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\u201cIf you are laying off a large number of your junior workforce, or laying off administrative staff who are predominantly female, there are huge discrimination risks,\u201d Parsons said. \u201cIt\u2019s an underpriced risk.\u201d<\/p>\n

There\u2019s also doubts over whether many of the job cut announcements so far have truly been related to AI.\u00a0<\/p>\n

\u201cI think a lot of companies have too much bureaucracy and they may use AI to cover up the fact that they should never have hired those people in the first place,\u201d Dimon said at JPMorgan\u2019s China summit in May.\u00a0<\/p>\n

For many, AI has been touted as a way to bypass grunt work. Still, presentation decks and valuation models are broadly accepted as a necessary learning tool.\u00a0<\/p>\n

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Graduates broadly speaking are finding it difficult to break into the sector, said Timothy Lee, a student at Warwick University who leads its business and finance society.\u00a0<\/p>\n

\u201cBefore Covid, class sizes were increasing a lot,\u201d Lee said, though he has accepted a job from Wells Fargo & Co. \u201cWhen banks were doing well, they were hiring more but now they don\u2019t need to.\u201d<\/p>\n

To be sure, some banks are pressing ahead with plans to hire interns and new employees. Bank of America Corp. is committed to the 2,000 summer interns and another 2,000 full-time recruits set to join this month across eight lines of business.\u00a0<\/p>\n

Still, the bank wants headcount to stay flat and using AI to encourage efficiency.\u00a0<\/p>\n

Read more Another low-budget film crushes an expensive action movie at the box office \u2014 \u2018an outstanding opening for a comedy sequel this far into the series\u2019<\/a><\/p>\n

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Banks are cutting junior analyst classes by as much as two-thirds while sourcing roughly 62% of their AI talent from those same cohorts.<\/p>\n","protected":false},"author":1,"featured_media":946,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[206],"tags":[],"class_list":["post-947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banks"],"yoast_head":"\nBanks lay groundwork for mass workforce cuts as AI takes hold - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=947\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks lay groundwork for mass workforce cuts as AI takes hold - Cross Country Moving Team\" \/>\n<meta property=\"og:description\" content=\"Banks are cutting junior analyst classes by as much as two-thirds while sourcing roughly 62% of their AI talent from those same cohorts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/crosscountrymovingteams.com\/?p=947\" \/>\n<meta property=\"og:site_name\" content=\"Cross Country Moving Team\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-08T05:41:28+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=947#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=947\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\"},\"headline\":\"Banks lay groundwork for mass workforce cuts as AI takes hold\",\"datePublished\":\"2026-06-08T05:41:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=947\"},\"wordCount\":1092,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=947#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/35501c7cf16c72c952a8e685971d4191.webp\",\"articleSection\":[\"Banks\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=947#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=947\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=947\",\"name\":\"Banks lay groundwork for mass workforce cuts as AI takes hold - 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