At the Bank of New York Mellon (BNY), artificial intelligence (AI) agents are now equipped with company logins and are expected to acquire their own email accounts soon. The firm’s chief information officer noted that these “digital workers” already have direct managers and might soon communicate with bank staff through platforms like Microsoft Teams, signaling a significant change in the financial sector’s operational structure that could happen within months.
The financial industry is increasingly embracing AI, which raises worries about potential job losses as these digital employees emerge. Experts such as Chris Skinner have anticipated such shifts, pointing out the evolving job landscape in banks. Research from Bloomberg Intelligence indicates that many positions are likely to be cut in the U.S. finance sector, particularly in certain roles.
Studies show that jobs in AI development might be among the most secure as banks adopt AI-driven changes, leading to a rise in recruitment for AI specialists. Furthermore, banks are prioritizing the training of their remaining staff to work alongside AI systems. For instance, Lloyds Banking Group is investing in leadership training to arm its senior executives with crucial AI skills, anticipating its extensive integration into operations. Additionally, findings from the Bank of England illustrate that numerous banks are utilizing AI for various tasks, enhancing internal processes and improving customer service while also tackling external threats like cyberattacks and fraud.
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