AI could reduce banking employment in Spain by 25% in ten years
The implementation of AI could destroy thousands of jobs and leave the total workforce in the Spanish banking sector at around 125,000 jobs, down from the more than 166,000 that currently make it up.
Spanish banks are competing in a race to adopt generative artificial intelligence (AI) technology, with top executives recognizing the need to rapidly apply cutting-edge technology to all banking processes. The use of AI is expected to lead to significant changes in the banking workforce, with estimates suggesting that between 35,000 and 55,000 jobs could be destroyed in Spain over the next decade, although up to 15,000 new jobs could be created.
According to a report by Funcas, a think tank, the net loss of jobs could be over 25,000, with the total banking workforce in Spain potentially decreasing by 25% by 2035. International banking leaders, including JPMorgan's Jamie Dimon and Standard Chartered's Bill Winters, have also spoken about the impact of AI on employment, with some predicting significant job cuts.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
