Will AI Take Away Your Job in Finance?

Credit: The Economist

Introduction

AI has grown tremendously in recent years at a growing rate that has led to a revolution in technology and productivity. It has been proven to be highly effective in many fields and is able to manage and analyze different things for all sorts of people. In the financial world, however, it has shown a different effect, as many are worried that it might heavily impact the future generation and take away jobs.

The Current Effect of AI

AI in the last few years has had an enormous effect on the finance world, ranging from analyzing the stock market to managing portfolios. In the last few years, investors have begun using AI to manage their own assets, including other financial services. Lloyds Banking Group announced on 3 November 2025 that "more than 28 million UK adults are now turning to artificial intelligence to help manage their money—making personal finance the nation’s number one use of AI.” As AI has proved that it has the ability to analyze as well as form well-proven decisions on long-term investing in the stock market, ChatGPT has been the most widely used AI platform, according to Lloyds.

The Bank of England on 21 November 2024 announced that 75% of financial firms have already been incorporating AI into their own systems, with 10% of firms considering following. It currently being 2026, the numbers have likely risen by at least 10% and will likely continue. They also heighten the significance of third-party implementations, stating that in 2024, already 33% of all cases that involve AI usage were third-party implementations or previously made AI platforms that were created from outside companies rather than their own. The previous year in 2022, the Bank of England rate was only 17%, indicating that it had grown by 16% within a single year. The Massachusetts Institute of Technology (MIT) conducted a report published on 21 September 2023 indicating that third-party tools pose a threat to organizations. According to MIT’s Sara Brown, who covers an analysis of the report, more than 1,240 people selected who spoke on behalf of 59 different fields/industries in over 80 countries and states that 78% of the total organizations incorporate AI into their systems that are largely from third-party systems.

While AI has been proven to speed up daily tasks and offer new types of innovation and technology, it has also had a negative impact on the financial world, with numerous sources now predicting that over 200,000 jobs will be lost on Wall Street within the next few years. Jack Kelly, a senior contributor for Forbes, an American business news site, mentions in an article that Wall Street banks are predicted to remove around 200,000 jobs within a few years. Morgan Stanley also offered a similar prediction for banks within Europe to remove a similar number of jobs, believing that AI has the ability to carry out tasks that a human can do from minutes to only seconds. While it is not entirely certain what the future generation of bankers are supposed to expect, it is certain that this change will be arriving perhaps sooner than expected.

How Should We React?

If you use AI, whether while at your job, researching a topic, or even not at all, it is important that we react with an open-minded yet cautious approach to ensure that the right actions are taken. Firstly, we should be aware of AI’s potential and take precaution when using it. While AI is an exciting piece of technology that can answer questions and perform tasks faster than the average human can, it is also important to acknowledge its rapid development and potential danger if we don’t monitor it. Many engineers and employees behind its development, including Robert O’Callahan, a former employee of Google, resigned from their positions in September 2026 after stating that AI is “progressing too fast.” Dario Amodei, the chief executive of Anthropic, an AI company based in San Francisco, published an essay “We Must Pace the Frontier” in which he strongly calls for major tech companies to slow down the pace of AI development.