{"id":266687,"date":"2026-06-07T11:34:00","date_gmt":"2026-06-07T15:34:00","guid":{"rendered":"https:\/\/news-you-need.com\/index.php\/2026\/06\/07\/banks-lay-groundwork-for-mass-workforce-cuts-as-ai-takes-hold\/"},"modified":"2026-06-07T12:15:15","modified_gmt":"2026-06-07T16:15:15","slug":"banks-lay-groundwork-for-mass-workforce-cuts-as-ai-takes-hold","status":"publish","type":"post","link":"https:\/\/news-you-need.com\/index.php\/2026\/06\/07\/banks-lay-groundwork-for-mass-workforce-cuts-as-ai-takes-hold\/","title":{"rendered":"Banks lay groundwork for mass workforce cuts as AI takes hold"},"content":{"rendered":"

Banks lay groundwork for mass workforce cuts as AI takes hold<\/a><\/p>\n

https:\/\/fortune.com\/2026\/06\/07\/banks-mass-workforce-cuts-ai-entry-level-jobs-junior-analysts\/<\/a><\/p>\n

Publish Date: 2026-06-07 11:34:00<\/a><\/p>\n

Source Domain: fortune.com<\/a><\/p>\n

In the hope he\u2019ll land a job in finance, Andre Bonnick spends hours rehearsing what he\u2019s going to say. He\u2019s using key words from job listings, making eye contact \u2014 following advice he\u2019s gotten from recruiters.<\/p>\n

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

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

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

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…<\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Banks lay groundwork for mass workforce cuts as AI takes hold https:\/\/fortune.com\/2026\/06\/07\/banks-mass-workforce-cuts-ai-entry-level-jobs-junior-analysts\/ Publish Date: 2026-06-07…<\/p>\n","protected":false},"author":1,"featured_media":266689,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2026\/06\/GettyImages-2243642500-e1780846158336.jpg?resize=1200,600","fifu_image_alt":"","footnotes":""},"categories":[14],"tags":[],"class_list":["post-266687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artificial-intelligence"],"_links":{"self":[{"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/posts\/266687"}],"collection":[{"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/comments?post=266687"}],"version-history":[{"count":1,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/posts\/266687\/revisions"}],"predecessor-version":[{"id":266690,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/posts\/266687\/revisions\/266690"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/media\/266689"}],"wp:attachment":[{"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/media?parent=266687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/categories?post=266687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/tags?post=266687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}