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.