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

You might also like

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

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

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

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

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

Articles

Last year, about 4,478,000 workers, which is approximately 3% of the workforce in the US (besides t ...Read more

Just as the candidates need the right jobs to secure their future, the companies also need the righ ...Read more

The past two years have been a roller coaster ride, we’ve all acclimatized ourselves with the work ...Read more

The Great Resignation, as experts call it, is a rather fitting term for a phenomenon where millions ...Read more