Sopnendu Mohanty, who has a background of close to twenty years at Citi, mentioned to Business Insider that the utilization of AI will be advantageous for both financial institutions and their entry-level employees. According to Mohanty, junior bankers need not be concerned about AI jeopardizing their positions. The CEO of Global Finance & Technology Network, an advisory and investment firm, highlighted that AI would not be a threat to jobs in the banking sector. Aged 53, Mohanty held various roles at Citi, overseeing the bank’s global consumer lab network and initiatives. In 2015, he assumed the role of the inaugural chief fintech officer at Singapore’s central bank.
He expressed that AI, much like the internet and smartphones, would enhance the efficiency of bankers. Mohanty informed Business Insider that with the assistance of AI, a single banker could effectively manage a larger client base. He reminisced about his early days in banking in 1997 when reaching out to customers was limited until the advent of smartphones and call centers.
Mohanty asserted that incorporating AI into operations would be mutually beneficial for banks and their junior staff members. “By increasing productivity and engaging more customers, banks can foster stronger customer loyalty,” he emphasized.
Mohanty is not alone in his belief that AI will have a positive impact on junior bankers’ careers. Kerry Blum, a partner at Goldman Sachs, shared similar sentiments in an interview with the Financial Times where she stated that AI would enhance the quality of work performed by junior staff members. Blum, who heads the equity-structuring group within private wealth management at Goldman Sachs globally, explained how junior employees could undertake impactful tasks while learning from AI assistants.
The emergence of AI has raised concerns about potential job disruptions within various industries. Dario Amodei, CEO of Anthropic, warned in an interview with Axios that AI might eliminate half of entry-level office positions within five years. Jeremy Barnum, CFO of JPMorgan Chase, assured investors during the company’s annual presentation in May that AI would streamline operations at the bank. According to Barnum, colleagues have reported significant improvements in efficiency due to AI tools being utilized effectively across different levels within the organization.