Banks around the world are set to cut 200,000 roles in the next three to five years due to AI taking over tasks currently done by humans, according to new research from Bloomberg Intelligence.

Following a study of chief information and technology officers, the data research arm of Bloomberg said that by 2030 executives expect a net three per cent of their employees to be axed.

The research also found that back and middle office roles, as well as those working in operations, are most at risk.

It follows a survey by the Bank of England published in November last year which found that 75 per cent of financial services companies are already using AI, with a further 10 per cent planning to use the technology over the next three years. The results demonstrated a significant hike on the 58 per cent of firms using AI in 2022.

The study also revealed that as many as 94 per cent of international banks are currently using the technology.

Many banks are already reducing workforce numbers as they look to automate processes for efficiency and reduced costs.

Last October, Santander said it was planning to axe more than 1,400 UK jobs in a bid to cut costs.

During a press conference attended by UK media, the bank’s chief executive Hector Grisi said that the move forms part of plans to automate more of its operations.

In February, Deutsche Bank announced plans to cut 3,500 roles from its workforce.

The job cuts formed part of Deutsche Bank's € 2.5 billion cost-saving operational efficiency programme, which saved € 1.3 billion last year.

At the time, the bank said it expected the remaining savings to be driven by measures relating to infrastructure and technology efficiencies, which would ultimately lead to job losses.

These measures included application de-commissioning and operating model improvements, optimisation of the bank's platform in Germany, and front-to-back process redesign, including simplified workflow and automation.

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