Up to 30 percent of the current employees in the banking industry may lose their jobs to new technologies in the next 10 years, according to new projections from Citigroup.

A 112-page report, “Digital Disruption,” released on Wednesday, said that the number of employees at American banks would drop to 1.8 million people in the year 2025, down from 2.6 million last year and 2.9 million before the financial crisis. An even sharper drop, of 37 percent, is predicted for European banks.

The report, written by a team of seven Citi analysts and strategists, said that jobs would be lost to start-ups taking aim at many different parts of the financial industry. So far, though, much of the activity has come from lending start-ups like SoFi and payments companies like PayPal and their counterparts from the rest of the world.

Image A Citigroup report said that the number of employees at American banks would drop to 1.8 million people in the year 2025. Credit... Citigroup

The report from Citigroup is the latest analysis pointing to big changes ahead for the financial industry as a result of the wave of new financial start-ups broadly going by the term “fintech.”