Bank jobs to be decimated by new technology
Analysts at Wells Fargo are forecasting that up to ten percent of bank jobs in the US will be wiped out by ongoing technological progress in the next ten years.
And it’s not just the robot revolution doing the damage, as US banks elevate tech spending annually to $150 billion to take advantage of advances in cloud computing, Dig Data analytics and artificial intelligence. The investment will lead to significant savings, as back office, call centre, sales and branch jobs are decimated.
The cuts are likely to be so deep that up to half of all bank expenses will be consumed by employee compensation programmes.