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
Tata Motors Train Union Indian Economy , Lockdown Fatigue, Covid USA GOVT Logistics Hiring Job Vacancy State Bank Of India Jobs At AIIMS Job Training HCL Hiring Jobs At Flipkart Upskilling Strict Promotion Language Barrier Indian Job Market IT Jobs Infrastructure Sanitation Workers Jobs In Tech Legal Hiring FSSAI Covid-19 Vaccine Mumbai Jobs IT Support Engineers Odd Jobs Govt Job Hiring Tips Blue Collar Jobs Odisha Job Scam 3i Infotech Indian Job Sector Economy Slowdown IndiGo Job Cuts Animal Science Media And Entertainment Jobs In Banks Jharkhand Employment Bank Privatisation Pharma Jobs Engineering Andaman And Nicobar Jobseekers LinkedIn MP Jobs Cryptocurrency Companies Myntra BCCI Recruitment Canara Bank
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

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

Financial steps to consider before quitting your job

Americans live paycheck to paycheck, making it difficult to leave their current employer. All thing ...Read more

How Startups Can Ensure Success While Working With Freelancers

However, the scenario has changed drastically in the last ten years. According to a report by Forbe ...Read more