HelpWanted.com

Wells Fargo predicts massive wave of job losses in the banking sector

Wells Fargo predicts massive wave of job losses in the banking sector

The banking sector has played a significant role in the US economy over the years but analysts say that thousands of frontline workers in the industry could lose their jobs or find a lesser role to play as automation takes over in the banking sector. Wells Fargo analysts predict that nearly 100,000 positions could vanish over the next five years as US banks invest in digital banking and other technologies. The job roles that are predicted to vanish are branch managers, call center employees and tellers. Instead, artificial intelligence, cloud computing robots will play a larger role in managing day-to-day banking functions like accepting payments, detecting fraud and approving loans. 

The analysts said that this could be the biggest reduction in the US bank headcount in history. Consumers should expect fewer bank branches across the country and the ones that remain could shrink in size. "Many branches were shut down during the pandemic and will likely remain closed. Future mergers will likely reduce branches too", Wells Fargo added in the report. 

Source: CBS News 
Tags In
Police Jobs

Previous days news

Sep 30 Sep 29 Sep 28 Sep 27 Sep 24

You might also like

Best tech jobs in the United States : BLS data

For several reasons, the IT sector is appealing to job seekers. ...Read more

Salaries for Californian fast food employees might rise to $22 per hour

Despite the opposition of restaurant owners who worried it would raise customers' bills, California Governor Gavin Newsom on Monday signed a nation-leading law providing more than 500,000 fast food employees additional authority and rights. ...Read more

Workers leave as job dissatisfaction grows

Demands for improved pay and workplace environments are coming from workers in California to New York. ...Read more

Microsoft offers graduates from African nations job prospects in the US & Canada

New graduates from institutions in Nigeria and other African nations have been made aware of job prospects by Microsoft. ...Read more

Casper is hiring professional sleepers

A mattress company is searching for a role where napping while working is not only acceptable but also required. 'Casper Sleepers' are being hired by Casper, a New York-based business established in 2014. ...Read more

Others news
Category
Tags
Empowering Women Fintech Jobs Job Security Job Postings Weavers Compensation Aviation In India Gujarat Employment Indian Oil Executives Blue Collar Employees Japanese Lang Contract Jobs IT Support Engineers Zomato Bhubaneswar Jobs Job Seekers IT Skills Better Pay Rural India Ethics Pharma Jobs Nurse Jobs Unemployment Rate Flipkart Jobs In Education Jobs In Noida AI Hiring Indian Jobs Automotive Jobs Jobs UPSC Unemployment Rate India Goa Jobs Unethical Employment Power Grid Interpersonal Skills Indian Youth Engineering REET 2021 Recruitment Drive Maruti-Suzuki Tech Skills In Demand CISF Hiring Jharkhand Workers MSME DRDO UGC Pandemic Manufacturing Jobs Secure
Articles

Tips To Help You Create A Robust Hiring Strategy For 2021

While employment is steadily rising in all sectors, the fear of COVID-19 still reigns supreme. As t ...Read more

Is It Time For Recruiters To Think Like Marketers?

About 46% of recruiters acknowledge this by seeing recruitment more as marketing than an expansion ...Read more

Effective Ways to Stay Productive While Telecommuting

Remote working is not a new thing in the US but a lifesaver in the current situation when social di ...Read more

The Interviewer's Guide to Conducting Phone Interviews

The job market in the US is slowly gaining traction after the long period of gloom that took the un ...Read more