Money & Banking

‘Robots to cut 200,000 US bank jobs’

Bloomberg October 2 | Updated on October 02, 2019

Technological efficiencies will result in the biggest reduction in headcount across the US 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 that the country’s finance firms are spending on tech on an annual basis – 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. 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. It will be a dramatic change in contact centers, and these are both internal and external.

Published on October 02, 2019

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