AI Is Coming for European Bank Jobs With Italy Taking a Hit (1)

European banks are beginning to cut staff by deploying artificial intelligence tools, with BPER Banca SpA becoming one of the first to put hard numbers on the impact.

The Italian lender on Thursday unveiled plans to reduce its workforce by about 2,000 over the coming years as advances in AI boost output. The bank will rely on “AI/GenAI-enabled process optimization and automation” to cut headcount by 10% through 2027 to about 18,500.

A growing number of lenders is betting on traditional and generative artificial intelligence to improve efficiency and reduce costs. Citigroup Inc. has said that the technology is likely ...