200,000 bank job cuts: After tech industry shake-up, Morgan Stanley issues major warning as AI targets another major sector

After the tech industry, another sector banking is at the risk of losing lakhs of jobs due to digitalisation and AI. According to a Morgan Stanley report, more than 200,000 European banking jobs could vanish in the coming five years due to the impact of AI. The biggest layoffs will be seen in back-office operations, risk management, and compliance.