The financial services sector is facing disruption as AI technologies threaten to displace a considerable share of its workforce.

Global banks are expected to cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, according to Bloomberg Intelligence.

A new report shows that company executives plan to cut 3% of their workforce in the next three to five years because of AI.

But AI will not eliminate them fully, rather it will lead to workforce transformation.” Nearly a quarter of the 93 respondents predict a steeper decline of between 5% and 10% of total headcount. The peer group covered by BI includes Citigroup,

The rise of artificial intelligence is anticipated to eliminate 200,000 jobs at Wall Street banks in the coming years, particularly in back office positions.