October 2, 2019
ABOVE AVERAGE IS OVER:
Robots to Cut 200,000 U.S. Bank Jobs in Next Decade, Study Says (Alfred Liu, October 1, 2019, Bloomberg)
Technological efficiencies will result in the biggest reduction in headcount across the U.S. banking industry in its history, with an estimated 200,000 job cuts over the next decade, Wells Fargo & Co. said in a report.The $150 billion annually that the country's finance firms are spending on tech -- more than any other industry -- will lead to lower costs, with employee compensation accounting for half of all bank expenses, said Mike Mayo, a senior analyst at Wells Fargo Securities LLC. Back office, bank branch, call center and corporate employees are being cut by about a fifth to a third, with jobs related to tech, sales, advising and consulting less affected, according to the study.
Posted by Orrin Judd at October 2, 2019 7:49 AM