AI is reshaping banking—but not causing a jobs wipeout

What’s Happening

Real talk: Banking and finance headcounts remain largely stable, according to a Fortune report.

An AI-fueled takeover of finance jobs doesn’t appear imminent, the experts say. Recommended Video My Fortune colleague Emma Burleigh takes a deep dive into this topic in her new report , “Is AI fr killing finance and banking jobs? (we’re not making this up)

The experts say Wall Street’s layoffs may be more hype than takeover—for now.

The Details

” For example, despite Wall Street’s headline-grabbing layoffs this year, overall headcount across banking and finance has remained relatively stable. “I think the general [headcount] trend in the banking industry over the last decade is stable to slightly declining,” Pim Hilbers, a managing director working with banking and talent at BCG, told Burleigh .

“ I don’t see that changing anytime soon. That doesn’t mean that everybody just stays in their job for life.

Why This Matters

I think we see a lot more mobility than we saw in the past. ” Burleigh writes about the banking sector: “So far, America’s largest financial institutions haven’t 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.

Market watchers are paying close attention to developments like this.