The financial services sector is facing disruption as AI technologies threaten to displace a considerable share of its workforce.

Global banks will cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, according to Bloomberg Intelligence.

The rise of artificial intelligence is anticipated to eliminate 200,000 jobs at Wall Street banks in the coming years, particularly in back office positions.

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Two roles related to artificial intelligence – artificial intelligence engineer and artificial intelligence consultant – placed first and second in the U.S., according to the report. The career-focused website linked that to the massive increase in demand that the AI sector is experiencing.