Global Banks Slash 70,000 AI-Linked Jobs This Year
Financial services firms, led by major global banks, have eliminated over 70,000 roles linked to artificial intelligence this year, an eight-fold increase from 2025.
AI-Linked Job Cuts Surge in 2026
AI-linked job reductions in financial services reached 70,415 roles between January and July this year. This figure marks an eight-fold increase from the 8,200 cuts recorded throughout 2025. The monthly average for affected roles climbed to over 10,000 in 2026. This represents a nearly 15-fold rise from 2025's average of 683 roles per month.
The scale of individual announcements also expanded. Average reductions grew from 1,170 roles in 2025 to over 3,500 this year.
Global Banks Lead Reductions
Global banks account for most of this year's surge in AI-linked job cuts. HSBC, Citigroup, and Standard Chartered alone represent approximately 47,000 roles. Adding Morgan Stanley, Commerzbank, and Nordea brings these six groups to around 54,000 roles. This comprises over three-quarters of this year's total. HSBC considered reducing 20,000 roles over three to five years.
It examined AI's impact on middle and back office functions. Citigroup's 20,000 cuts stem from a broader 2024 restructuring plan.
Cuts Spread Beyond Traditional Banking
The trend of AI-linked job reductions extends beyond large banks into payments, crypto, and insurance. Visa confirmed plans in July to cut about 2,600 jobs. These were primarily in technology and product teams. CEO Ryan McInerney stated AI changes Visa's operations, driving efficiency. Coinbase reduced its workforce by about 14%, affecting 700 roles.
CEO Brian Armstrong advocated for "AI-native" teams. Crypto.com also cut around 12% of its workforce, accelerating AI adoption. Block eliminated approximately 4,000 roles.
This global shift towards AI-driven efficiency will likely reshape Asia's financial sector. Asian banks and fintechs face similar pressures to optimise operations. DBS, for example, reduced 4,000 temporary roles in 2025 via attrition. Companies are increasingly integrating AI into staffing decisions, moving beyond pilot programmes.
This trend suggests a sustained focus on leaner teams across financial services. It will impact hiring needs and skill requirements for professionals in the region.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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