Pope and Banking Giants Warn AI Automation Could Trigger Jobs Crisis

Generative AI is moving from a support tool into the core of banking operations, affecting a wide range of jobs in back-office operations, compliance and customer service. The late Pope Francis argued that economic freedom must be constrained by human dignity and the common good. Pope Leo XIV has maintained that position, warning that companies could widen wage inequality and harm families and local economies if they systematically sacrifice jobs through automation.

The Vatican published an encyclical by Pope Leo XIV on May 25, 2026. JPMorgan Chase CEO Jamie Dimon acknowledged that the bank would hire fewer bankers and more AI specialists; the bank's annual technology budget is about $19.8 billion. Standard Chartered plans to cut about 7,800 jobs by 2030, while Goldman Sachs estimates that AI could automate 25% of working hours over the next decade.