Survey Finds AI Has Yet to Trigger Mass Layoffs in Banking

American Banker surveyed banking employees and executives to assess the actual impact of generative AI adoption on employment. The findings showed that AI is currently used mainly to streamline processes and improve efficiency, and has yet to directly cause mass layoffs in banking. Workforce structures could still change as automation accelerates.

In the latest survey, only 3% of banking employees said they had experienced layoffs because of AI applications, while most respondents said the new tools had made them more efficient. About one-third of bank executives, however, expected to reduce headcount because of AI over the next 12 months. The report did not disclose the survey's publication date, sample size or any associated financial amounts.