{"id":133345,"date":"2025-11-11T04:02:12","date_gmt":"2025-11-11T04:02:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/133345\/"},"modified":"2025-11-11T04:02:12","modified_gmt":"2025-11-11T04:02:12","slug":"bank-veteran-says-one-part-of-the-sector-will-be-hurt-least-by-ai","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/133345\/","title":{"rendered":"Bank Veteran Says One Part of the Sector Will Be Hurt Least by AI"},"content":{"rendered":"

People working at the front and back offices of banks are going to have wildly different experiences with AI, says Sopnendu Mohanty<\/a>, the group CEO of the global advisory and investment firm GFTN.<\/p>\n

Mohanty, 53, worked at Citi for nearly two decades before joining Singapore’s central bank as its first chief fintech officer in 2015. He’s also a cofounder of the Singapore FinTech Festival.<\/p>\n

He told Business Insider that the disruption posed by AI<\/a> will depend on whether one works in a bank’s front, middle, or back office.<\/p>\n

“Front is all for the customer. The middle is all for the bank, and the back is just for processing all the activity,” Mohanty said.<\/p>\n

How AI will affect bank jobs<\/p>\n

Mohanty predicted that AI will increase the number of front-office jobs, including roles in investment banking, sales and trading, and corporate banking.<\/p>\n

He said he also expects the middle office, which handles a bank’s risk management, financial controls, and compliance, to benefit from AI.<\/p>\n

“The middle office is all about internal productivity. That definitely gets better because the AI tools will make them work better and more efficiently,” he continued.<\/p>\n

Back office roles are likely to be hit the hardest by AI, Mohtanty said. The back office spans functions such as information technology, human resources, and trade settlements.<\/p>\n

Related stories<\/p>\n

\"\"\/<\/p>\n

Business Insider tells the innovative stories you want to know<\/p>\n

\"\"\/<\/p>\n

Business Insider tells the innovative stories you want to know<\/p>\n

“Back office work may be reduced because you are automating a lot of the work in a much sharper way. There will be a lot of impact on jobs when it comes to the back office,” he added.<\/p>\n

The rise of AI has sparked fears over its ability to eliminate jobs entirely. JPMorgan CEO Jamie Dimon<\/a> said in his annual letter to shareholders last year that “AI has the potential to augment virtually every job, as well as impact our workforce composition.”<\/p>\n

“It may reduce certain job categories or roles, but it may create others as well,” Dimon wrote.<\/p>\n

In May, JPMorgan executives<\/a> said during the bank’s investor day that AI would result in head count reductions and slower hiring.<\/p>\n

Marianne Lake, JPMorgan’s CEO of consumer and community banking, said during her presentation that she expects AI to reduce the size of the bank’s operations team by 10%.<\/p>\n

“At the margin, we’re asking people to resist head count growth where possible and increase their focus on efficiency,” Jeremy Barnum, JPMorgan’s chief financial officer, told investors.<\/p>\n","protected":false},"excerpt":{"rendered":"People working at the front and back offices of banks are going to have wildly different experiences with…\n","protected":false},"author":2,"featured_media":133346,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[220,218,219,61,60,80],"class_list":{"0":"post-133345","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artificial-intelligence","8":"tag-ai","9":"tag-artificial-intelligence","10":"tag-artificialintelligence","11":"tag-ie","12":"tag-ireland","13":"tag-technology"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/133345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=133345"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/133345\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/133346"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=133345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=133345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=133345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}