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Good morning. An AI-fueled takeover of finance jobs doesn\u2019t appear imminent, experts say.<\/p>\n
My Fortune<\/em> colleague Emma Burleigh takes a deep dive into this topic in her new report, \u201cIs AI really killing finance and banking jobs? Experts say Wall Street\u2019s layoffs may be more hype than takeover\u2014for now.\u201d For example, despite Wall Street\u2019s headline-grabbing layoffs this year, overall headcount across banking and finance has remained relatively stable.<\/p>\n \u201cI think the general [headcount] trend in the banking industry over the last decade is stable to slightly declining,\u201d Pim Hilbers, a managing director working with banking and talent at BCG, told Burleigh. \u201c<\/em>I don\u2019t see that changing anytime soon. That doesn\u2019t mean that everybody just stays in their job for life. I think we see a lot more mobility than we saw in the past.\u201d<\/p>\n Burleigh writes about the banking sector: \u201cSo far, America\u2019s largest financial institutions haven\u2019t been making deep workforce cuts. Bank of America employed just four fewer workers at the end of the third quarter this year, compared to 2024. In that same time period, JPMorgan saw its headcount climb by 2,000 employees, and more than a third of the new staffers were brought onto corporate operations. Even Goldman Sachs, which implemented multiple rounds of layoffs this year, employed 48,300 this September\u2014around 1,800 staffers higher than the year before.<\/p>\n \u201cBanks aren\u2019t ready to shed staffers just yet; experts tell Fortune <\/em>they\u2019re pulling back on headcount growth for as long as possible, leaning on AI efficiency gains until they\u2019re forced to add more humans to payroll. They predict this sluggish period of hiring could last for years.\u201d Although AI isn\u2019t replacing bankers just yet, there could be trouble on the horizon for marketers and accountants. You can read the complete report here.\u00a0<\/p>\n Regarding banking, AI is also reshaping competitive advantage, a recent BCG report finds.\u00a0Predictive, generative, and agentic AI are redefining the foundations of scale, efficiency, and customer experience. Banks must anchor AI strategy in business strategy. And \u201cwinning institutions\u201d focus on where AI will deliver real returns, not just on deploying more technology, according to BCG.<\/p>\n Sheryl<\/strong>\u00a0Estrada<\/strong> Aaron Barfoot<\/b> was appointed CFO of DISCO (NYSE: LAW), a litigation technology provider, effective Jan. 12. Barfoot brings more than two decades of finance and corporate development experience. Most recently, he was CFO at Socure, a provider of AI-powered digital identity verification and fraud prevention solutions, and has also held CFO and other senior finance roles at Forter, Anaconda, ClearDATA and Rackspace.<\/p>\n Dana Litman<\/b> was appointed EVP and CFO of Sonata Bank. Litman most recently served as interim CFO at Sonata Bank, guiding the bank through a period of reorganization. He has more than 30 years of financial services experience.\u00a0 Litman was CFO at Community Bankshares, Inc., where he led initiatives in liquidity management, capital planning and sponsor banking. Before that, he spent nearly 20 years at Quantum National Bank in the Atlanta area, where he served as EVP, CFO and chief risk officer.\u00a0<\/p>\n “Future-Ready Finance: Technology, Productivity, and Skills Survey,” released by AICPA and CIMA, finds a gap between finance professionals\u2019 expectations of AI\u2019s impact and their organizations\u2019 readiness to adopt it.<\/p>\n One of the key findings is that 88% of respondents believe AI will be the most transformative technology trend in accounting and finance over the next 12\u201324 months. However, just 8% feel their organization is very well prepared to manage the AI trend, while 21% feel their organization is well prepared, according to the report.<\/p>\n In addition, more than half (56%) of respondents identified generative AI as the most prominent skills gap. This reflects a broader shift in the skills landscape, with IT and technological capabilities moving from a secondary concern (20% in 2021) to the top priority today (46%).<\/p>\n The findings are based on a survey of 1,446 global senior finance and accounting leaders and managers.\u00a0<\/p>\n \u201cAI is here and reshaping finance, creating opportunities for finance professionals to build future-ready skills,\u201d Tom Hood, EVP of business growth and engagement at AICPA & CIMA, said in a statement. \u201cOrganizations that invest in talent and technology today can turn disruption into a competitive advantage and be best positioned to lead the way tomorrow.\u201d<\/p>\n “The 5 AI tensions leaders need to navigate” is an interesting article in Harvard Business Review.\u00a0The introduction of AI into the workplace inherently creates tension. Which tensions are most common in workplaces\u2014and how are they actually playing out? The researchers examine this topic based on insights collected from over 100 leaders.\u00a0<\/p>\n “While many companies have struggled to find early success, our AI journey over a number of years at Sam\u2019s Club has proven to be more successful. It has changed how we operate our business, how our associates work, and how our members shop with us.”<\/b><\/p>\n \u2014Chris Nicholas, president and chief executive officer of Sam\u2019s Club, writes in a <\/span>Fortune<\/span><\/i> opinion piece<\/span> titled, “I\u2019m the Sam\u2019s Club CEO and I\u2019ve got an AI leadership reality check: let purpose, not promise, guide investment.”<\/span><\/p>\n<\/div>\n #reshaping #bankingbut #causing #jobs #wipeout<\/p>\n","protected":false},"excerpt":{"rendered":" Good morning. An AI-fueled tak… <\/p>\n","protected":false},"author":1,"featured_media":6217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[529,526,528,527,530,532,531,533],"_links":{"self":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/6216"}],"collection":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6216"}],"version-history":[{"count":0,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/6216\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/media\/6217"}],"wp:attachment":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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