The next decade will see the greatest transfer from labor to capital the banking industry has ever seen.
That’s the conclusion of a report from analysts at Wells Fargo, which estimates that American banks will cut more than 200,000 jobs over the next 10 years, replacing workers with AI-based services and robots.
Mike Mayo, head of research at Wells Fargo Securities, estimates that call-center employees and tellers at bank branches will be the first to go, with as many as a third of those jobs disappearing. Tech, sales, and consulting positions will be less affected, but total estimated cuts could still […]
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