AI will transform finance, boosting profits and automating up to half of jobs, says Citi. The report finds 54% of banking jobs highly automatable and 12% augmentable by AI. AI is in a proof-of-concept stage but is rapidly advancing.

Technological advances replace old jobs with new ones, and AI will accelerate this cycle. Despite job losses, AI could increase banking profits to $2 trillion by 2028, a 9% rise over five years.

AI may be adopted faster by fintechs, Big Tech, and agile banks, while traditional banks may lag. Citi is training 40,000 coders in AI, and JPMorgan will train all new employees. CEO Jamie Dimon compares AI’s impact to the printing press.

Citi warns AI raises concerns about data security, regulation, ethics, and competition. The risk of AI generating false information could harm businesses financially and reputationally.