AI threatens 27,000 banking jobs

The UK banking sector faces significant job losses as banks invest heavily in artificial intelligence (AI). A report from Juniper Research and Zopa Bank indicates that 27,000 roles, or 10% of the workforce, are at risk by 2030. The industry plans to invest £1.8 billion in generative AI, aiming for productivity gains primarily in back office functions.

UK banks are expected to invest over £1.8 billion in Generative AI (GenAI) by 2030 to boost productivity, reduce costs, and improve customer experience. These deployments are projected to save 187 million labour hours—mainly (82%) from back-office and compliance tasks.  

The resulting cost savings, also estimated at £1.8 billion, represent a full return on investment, with half of these savings expected to come from back-office functions. 

Peter Donlon, Chief Technology Officer at Zopa Bank said “Generative Artificial Intelligence (GenAI) is no longer a distant concept—it is here, and it is already reshaping jobs, industries, and entire economies at remarkable speed. In the years ahead, few aspects of our professional and personal lives will remain untouched by its influence. Nowhere is this shift more consequential than in financial services.

“The banking sector in particular, long known for its resilience and ability to adapt, is now at the forefront of the GenAI revolution. As the industry embraces this new wave of innovation, understanding its full implications has never been more important. For the first time, this study provides a comprehensive look at the seismic impact of GenAI on the UK banking industry — as both a force for extraordinary innovation and a catalyst for deep structural change.”