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
Engineering Reskilling Hospitality Management Junior Level Hiring Medical Jobs Attrition Rate UNICEF Books Teachers Protest Mental Health Job Strike Job Promise Intel Hiring Artificial Intelligence In Hiring Union Territory Jobs In Rajasthan NRAI Richest People In America Office Setup Cloud Jobs Education India Covid Care Nurse Jobs CMIE Telangana Jobs Jobs In Pune Layoffs At Wipro Wipro Recruitment Increase In Workers Government Of India Emotional Intelligence TikTok UI Jobs Amazon Jobs Job Postings Dangerous Jobs Job Marketx India Japanese Lang Househelp IoT Jobs At Flipkart Bengaluru Apple Hiring COVID 19 Job Cuts Computer Instructors Promotion Olympics Job Scam COVID-19 Outbreak Legal Hiring
Articles

Tips for Staffing Agencies to Create a Competitive Advantage

Today, it is a $174 Billion industry and one of the leading B2B businesses in the US. Whenever HR p ...Read more

A Quick Look at The Great Resignation

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

With Manufacturing Jobs Returning to America, What Does It Mean for Manufacturing Job Seekers?

Reshoring is on its way for the US, due to the ongoing COVID-19 crisis, especially for the tech man ...Read more

You Think You Have Earned It? Here is How to Ask for a Promotion

Nearly 62% of employees in the managerial levels are satisfied with their jobs. Although they have ...Read more