By Kalyeena Makortoff
Publication Date: 2026-01-29 14:05:00
The boss of Lloyds Banking Group has warned that bankers will need to “retrain” to survive the impending AI boom that will transform the financial services sector.
Charlie Nunn told reporters on Thursday that while he couldn’t predict the full impact of AI over the next decade, it was clear that banks would hire people with very different skillsets in the future. “This will radically change the way customers experience financial services,” he said, saying banks like Lloyds needed to “support colleagues to reskill”.
He acknowledged that the bank would have to “cut some jobs in some areas” but downplayed forecasts from Morgan Stanley, which said last month that more than 200,000 European banking jobs could be eliminated by 2030 due to the introduction of AI and branch closures.
“The reality is that we don’t know exactly how to proceed in the medium term and I think that’s where the bigger numbers are projected,” Nunn said. “It is…
