Artificial intelligence will render some banking roles “obsolete” in the coming years, a stark warning from futurist and author Brett King. This technological transformation demands a dramatic shift in skill sets and workforce retraining to maintain economic stability across the region. Speaking at the First Abu Dhabi Bank and IMD Competitiveness Summit 2026 in Abu Dhabi on Monday, King emphasized the need for banks to restructure towards “agentic operation.” He stated that while new employees would join banks over the next decade, they would primarily be agents, shifting from a human-plus-AI model. Some existing staff could be retrained, but other roles face obsolescence. King's remarks underscore a critical strategic challenge for the Middle East's financial sector.
Concerns over job losses are growing across industries as AI adoption accelerates globally. JP Morgan Chase CEO Jamie Dimon reported in July of the same year that AI had already eliminated 30 to 40 percent of headcount in some of the bank’s departments. The company committed to investing approximately $20 billion in technology this year. In January of the same year, Amazon announced 16,000 job cuts worldwide, directly linked to its expanded use of AI tools for operational efficiency. These global trends highlight the scale of the economic disruption and the imperative for nations to adapt.
The Technological Imperative
King projected a radical reduction in human employment within major financial institutions. He noted that JP Morgan Chase, with 160,000 global employees a couple of years ago, might employ only a few thousand by the 2040s. “Just understand that 99 percent of banking can be automated,” King asserted, identifying agentic AI-based capabilities as the method for this transformation. In this agentic banking world, he added, humans become unproductive and slow operations. This shift promises banks greater cost-effectiveness and operational efficiency, leading to increased profitability as staffing costs decline. Such economic restructuring, while efficient, presents significant societal challenges that require proactive national strategies.
For the Mena region, King highlighted the potential for “healthy financial inclusion” as banking costs decrease and accessibility to financial services dramatically improves. He predicted that every individual in the middle-income bracket would soon access private banking-style capabilities through AI. This expansion of financial services could contribute to broader economic stability, a crucial element in a volatile region.
Economic Resilience and Regional Standing
At the same summit, Hischam El Agamy, executive director of IMD Business School, argued that the Middle East and Africa must develop unique banking models. He cautioned against simply replicating Western frameworks due to distinct demographic shifts. Speakers also highlighted the UAE’s robust economic performance and its standing in this year's IMD World Competitiveness Ranking report. The UAE was listed as the world's fifth most competitive nation, demonstrating significant economic resilience. The Emirates secured the top global position for economic performance, bureaucracy, adaptability of government policy, employment, international experience, national culture, and quality of air transport. This strong performance positions the UAE as a bulwark of stability and economic progress in the region.
Demographic Pressures and Innovation
The report, which assessed 70 countries against 67 criteria, ranked the UAE as the region's top country overall. Other regional nations also performed well, with Qatar at 11, Saudi Arabia 13, Bahrain 20, Oman 25, and Kuwait at 31. These rankings reflect a broader push for economic strength and competitiveness. El Agamy's comments about demographic shifts are particularly salient; he stated that 60 percent of the world's youth would reside in the Mena region by 2024, two years ago, fueling rising demand for innovation. This demographic reality underscores the urgent need for strategic economic planning and technological adaptation to manage potential pressures and ensure future prosperity. The region's ability to navigate these shifts will be critical for its long-term security.