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European banks deploying AI tools to cut staff costs
The Straits Times
|October 14, 2024
Italian lender BPER Banca to cut headcount by 10% through 2027
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European banks are beginning to cut staff costs by deploying artificial intelligence (AI) tools, with Italian lender BPER Banca becoming one of the first to put hard numbers on the impact.
BPER said on Oct 10 that it plans to reduce its workforce by about 2,000 over the coming years as advances in AI boost output. It will rely on "AI/GenAI-enabled process optimisation and automation" to cut headcount by 10 per cent through 2027 to about 18,500.
The Italian bank joins a growing number of lenders in betting on traditional and generative artificial intelligence to improve efficiency and reduce costs.
This story is from the October 14, 2024 edition of The Straits Times.
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