Leadership TV

Banking Professionals Are Losing Jobs Due to Automation

As per Wells Fargo, more than 200,000 banking professionals are going to lose jobs because of automation. As per this Bloomberg Technology video, that would be the biggest headcount reduction in the U.S. banking sector. The industry is already investing $150 billion a year on technology. Reduced costs and better performance are affecting jobs in branches, call centers, and corporate offices. Professionals involved in technology, sales, advising, and consulting are less affected, though. Automation is costing reduced pay packages for American workers as well. In fact, more than 60,000 banking professionals have lost their jobs globally.

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