Financial services firms are accelerating AI adoption, but many remain underprepared for the workforce changes that could follow, according to a PwC survey. Among more than 1,000 senior executives, 42% said their firms had modeled AI’s impact on workforce needs. Nearly 80% nevertheless expect their workforces to shrink by at least 20% over the next five years.

Firms Are Modeling Job Cuts, Not The Future Workforce

PwC said firms are focusing on how many roles AI could eliminate without fully defining the workforce they will need. Only half of companies that have started workforce modeling have examined how AI-driven process changes could affect staffing.

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The findings come from PwC’s 2026 Financial Services Workforce AI Survey of US financial services firms, covering hiring, skills, compensation and leadership.

Pressure To Adopt AI Is Rising

Ninety per cent of executives said companies need to become more comfortable moving quickly, while 77% said their own organizations are not moving fast enough on AI. Another 70% said their firms are already accelerating adoption to remain competitive.

Employee concerns are adding to the challenge. Forty-four per cent cited worries about job security or changing roles, while 43% said workers use AI only when required. Another 40% said employees feel overwhelmed by the pace of change, and 34% cited change fatigue.

AI Skills Are Gaining Value

Ninety-one per cent of executives said their firms were increasing pay for employees with AI skills, while 58% planned to link compensation to AI-driven productivity gains.

Eighty-six per cent said AI skills training was more valuable than an MBA for many new hires. Over the next year, 62% plan to hire AI specialists, 61% intend to retrain existing staff and 57% expect to use outside providers.

AI Will Affect Jobs Unevenly

PwC said AI is increasing the value of roles that rely on human judgment, critical thinking, team-building and creative problem-solving. These “professionalised” jobs are growing twice as quickly as roles where AI makes specialist tasks accessible to non-experts, while wages are rising 42% faster.

Most AI Investments Lack Measurable Returns

Nearly half of executives identified productivity as a primary workforce objective, while 48% want to reduce time spent on routine work and 46% are focused on embedding AI into daily workflows. Technology and software engineering, risk management and operations are expected to deliver the largest productivity gains. Yet 77% said most of their AI investments are not generating measurable returns.

PwC recommends setting performance benchmarks and financial targets before investing rather than adopting AI simply because competitors are doing so.

Data And Governance Remain Obstacles

Poor or fragmented data was identified by 41% of executives as the biggest obstacle to scaling AI across the workforce. Governance also remains unresolved. Nearly 90% said their firms have clear accountability for AI-agent decisions, but executives differed over who should bear responsibility when an AI system causes significant harm: 27% cited the CEO and board, 16% technology leaders, 15% risk and compliance leaders and 12% business unit leaders.

Meanwhile, 90% said unauthorized “shadow AI” use creates regulatory risk. PwC said firms need clearer accountability, formal deployment processes and tighter controls over approved AI tools.

The survey covered 1,004 director-level and above executives at US financial services companies with at least $500 million in revenue. Respondents were surveyed May 12–22, 2026, across asset and wealth management, banking and capital markets, insurance and private equity.