Canadian Bank CEOs Tout AI Gains While Raising Concerns Over Workforce Future
CEOs of Canada's major banks claim AI has saved thousands of workdays and sped up processes, but analysts warn it could reshape lower-skill jobs.
At a recent summit, Scotiabank CEO Scott Thomson reported that artificial intelligence eliminated roughly 24,000 days of work over four and a half months, and TD Bank’s Raymond Chun said AI cut mortgage pre-processing time from 15 hours to three minutes. RBC, BMO and CIBC leaders also described rapid AI-driven transformations, from daily custom reports to underwriting decisions in seconds. Despite these efficiency gains, analyst John Aiken observed no immediate layoffs and warned that demand for lower-skill, front-line positions may decline.
A Toronto Metropolitan University study found 98 % of financial-sector staff are highly exposed to AI, far above the national average, and the Bank of Canada estimates a third of jobs could undergo substantial change. Industry insiders stress AI will augment rather than replace staff, while employment lawyers predict some junior roles could disappear.
Why it matters
AI is reshaping Canada’s largest employers, potentially altering millions of jobs and the economy.
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