In a letter to shareholders last year, JPMorgan CEO Jamie Dimon delivered the uncomfortable truth that AI “could eliminate certain jobs and roles,” predicting an impact on labor similar to that of the printing press, steam engine, electricity, and the internet. The technology became a prime suspect after JPMorgan, Goldman Sachs and Morgan Stanley announced several layoffs in 2025. But experts say: luck The takeover of jobs in the financial industry using AI is mostly “smoke and mirrors”. At least for now.
As banks cut staff and pour billions of dollars into AI capabilities, it's understandable to raise some eyebrows. Companies are already implementing the software in their operations, with nicknames for AI tools such as “Socrates,” performing tasks in just seconds that would take junior-level analysts hours. At the same time, a Citigroup report found that 54% of finance-related jobs have a “high potential for automation,” which is higher than any other sector. But experts agree that AI-related layoffs have been modest so far. This year's wave of bank layoffs is a result of pandemic-era overemployment and economic uncertainty.
“If large companies say, 'We're not going to hire as many people because of AI,' or 'We're going to lay off people because of AI,' I think there's some smoke and mirrors there,” said Robert Seamans, director of New York University's Stern Center for Future Management. luck.
“AI is often the scapegoat for things, because it's easier to blame it than it is to blame it for slowing consumer demand, the uncertainty from tariffs, or perhaps the poor human resources strategy of the last few years in terms of overhiring due to COVID,” he continued, adding, “It's a lot less politically risky than blaming the president's tariffs.”
AI can't replace bankers and consultants yet, but could pose problems for marketers and accountants, experts say luck. And an elite degree in business still has value. The vast majority of top MBA students still receive offers immediately after graduation. But the outlook is bleak, with bank headcounts likely to remain stagnant for years as AI drives a massive productivity boom.
AI is holding back adoption in the banking industry, and this situation could continue for years.
Despite Wall Street making headlines this year with a relentless round of layoffs, headcount in the banking and financial sector has actually remained relatively stable.
“The general thinks so. [headcount] The trend in the banking industry over the past decade has been stable to slightly declining. I don’t see that changing anytime soon,” said Pim Hilbers, managing director of banking and human resources at BCG. luck. “That doesn't mean everyone's going to work forever. I think there's a lot more mobility than there was before.”
So far, the nation's largest financial institutions have not made any major layoffs. Bank of America had just four fewer employees at the end of the third quarter of this year compared to 2024. During the same period, JPMorgan's headcount increased by 2,000 people, with more than a third of the new employees joining the company's operations. Even Goldman Sachs, which has cut jobs several times this year, hired 48,300 people in September, about 1,800 more than a year earlier.
Banks are not yet ready to cut staff. experts say luck They are trying to hold back headcount growth for as long as possible and rely on AI's efficiency gains until they are forced to add more people to their payrolls. They predict that this period of employment stagnation could last for years.
“A lot of the banks I talk to will say, 'We want to be more productive so we don't have to hire the next 100 people to make another billion dollars in loans.' That's probably the case. [what] “Most people think, 'You don't have to hire people for 24 months because you're going to be productive,'” says Mike Abbott, head of Accenture's banking and capital markets industry group. luck.
“As you downsize, you don't need to hire as many people, but eventually you reach a point where you have to hire them again.”
Top MBA students continue to achieve success, but job offers are declining
MBA graduates are already seeing a sway in hiring instead of high job placement rates. About 92% of Columbia Business School's 2025 graduates received job offers, as did 86% of this year's New York University Stern MBA graduates. Last year, 93% of Wharton students reported receiving a job opportunity, and at Duke University, 85% secured a job offer.
However, professors at these top business schools caution that this statistic does not reflect all MBA programs. For example, Columbia University and NYU Stern College are located in New York City, the financial capital of the United States. Additionally, these elite universities have a wealth of resources to enhance students' skills and increase their market value. Daniel Kem, associate professor of business at Columbia Business School, said: luck Python is a “nearly required” class for all MBA students in college.
While MBA offer rates remain high, when you look under the hood, the possibilities aren't as plentiful. A research report found that employment performance at all of America's “Great Seven” elite MBA programs, including Northwestern University, MIT, Stanford University, and Harvard University, has declined since 2021. bloomberg analysis. In 2021, only 4% of Harvard MBA students did not receive a job offer within three months of graduation. By 2024, that number will rise to 15%. MIT saw a similar shift, with the percentage of graduates without offers rising from 4.1% to 14.9% over three years.
Which financial roles are still safe and which are most at risk?
As AI evolves to take on menial tasks like preparing slideshow presentations, integrating customer data, and balancing checkbooks, there has been concern that all junior-level analysts will soon be taking on the job. But not all jobs in the financial industry rely on the same core skills, experts say: luck In the age of AI disruption, there are several roles at risk.
Surprisingly, entry-level financial employees who pay their dues and take the time to create bespoke PowerPoint presentations aren't the first to go out. Kumu says. luck Consulting and banking jobs are “very resistant to automation,” he said. He explains that there is little room for error in their work because customers won't tolerate even the smallest mistake. Additionally, every business transaction is different. No two acquisitions are exactly alike, making it difficult to automate the human critical thinking required for the job.
“Bank consulting” [is] It's actually not that bad. Consider a compliance issue where you can't afford a 1% mistake. That is unacceptable,” Kum said. “That's why much of the work of analysts at McKinsey and Bain is automated, but it's still very human-intensive.”
At the same time, Abbott predicts a surge in tech hiring across the industry. According to data shared by Accenture, around 76% of banks expect to increase their tech headcount thanks to agent AI. luck. However, a small number of vulnerable human staff may see negative impacts from AI advances. According to a 2024 Accenture report, 73% of the work hours spent by U.S. bank employees are likely to be affected by generative AI, and it is estimated that productivity will increase by 22% to 30% for early AI adopters over the next three years. Keum sees accounting and marketing roles being hit the hardest.
“Accountants' jobs are not going well,” Kumu said. luck. “In accounting, it's like, 'Let's check if the numbers are correct based on the physical receipts that are entered. AI can do that very well now. Hiring numbers are way down. So only the very senior people survive.'
