Artificial intelligence could replace thousands of banking jobs

Artificial intelligence is projected to replace thousands of banking jobs in the future. Anthony Jenkins, former CEO of Barclays Bank, predicts that during the next 10 years, advances in financial technology -- especially in artificial intelligence -- could cause the number of people employed by the financial services sector to decline by as much as 50 percent, according to a Condusiv Technologies news release. This would provide the industry large cost savings and enable a much more competitive atmosphere. James D'Arezzo, chief operating officer of Condusiv Technologies – based in Glendale, Calif. "The industry already spends more on information technology than any other industry – spends more than health care," he said.