Financial services companies are moving quickly to adopt AI, but many say they aren’t moving fast enough.
Nearly eight in 10 executives expect their workforces to shrink by at least 20% over the next five years.
Companies are paying more for AI skills while still working out how to manage the technology’s risks.
Artificial intelligence is becoming a bigger part of the financial services industry, from banking and insurance to investment management. But while companies are investing heavily in the technology, they’re also facing a big question: What happens to the people who work alongside it?
According to PwC, financial services firms are planning for AI to change the size and makeup of their workforces. Nearly eight in 10 executives surveyed expect their workforce to shrink by at least 20% over the next five years. Entry-level positions could be particularly vulnerable, with 30% of executives identifying them as the area most likely to be disrupted by AI.
At the same time, companies aren’t simply replacing workers with technology. Many are planning to hire people with AI skills, retrain existing employees, and pay more for workers who know how to use AI effectively.
How the survey was conducted
PwC surveyed 1,004 executives at U.S. financial services companies between May 12 and May 22, 2026. All of the companies represented in the survey had at least $500 million in revenue, and respondents were director-level employees or above.
The participants were evenly divided among four areas of the financial services industry: asset and wealth management, banking and capital markets, insurance, and private equity.
The survey asked executives about their companies’ use of AI, workforce planning, hiring and training strategies, productivity, and how they’re managing the risks associated with increasingly advanced AI tools.
What this could mean for consumers
For consumers, these changes could eventually show up in the way financial companies operate and interact with customers.
PwC found that 49% of executives are using AI to improve productivity, while 48% are focused on reducing time spent on routine work. Leaders said they see the biggest potential productivity gains in areas including technology, risk management, and operations.
But the benefits aren’t guaranteed. Seventy-seven percent of executives said most of their AI investments aren’t currently delivering measurable returns.
There are also concerns around how AI is being used. Nearly nine in 10 executives said their companies have clear ownership and accountability for AI agent decisions, but there’s still little agreement about who should ultimately be responsible when an AI system causes significant harm.
Meanwhile, 90% said employees using AI tools outside centrally governed systems creates regulatory risk.
For consumers, that means the financial industry’s AI transition is still very much a work in progress. Companies are betting that the technology can make operations more efficient, but they’re also having to figure out how to use it responsibly — and how much of the work should remain in human hands.