As more and more new ones technologies in our time, replacing an increasing proportion of the workforce, a report by Wells Fargo analysts suggests that over the next 10 years, banks will cut 200.000 jobs. British Wall Street analyst Mike Mayo noted that cuts of this magnitude would account for more than 10% of total banking jobs and pave the way for a "golden age of banking efficiency", the Financial Times reported.
Wells Fargo's team of financial analysts services and technology, looked at the impact of technology across the US banking industry. The 225 page report suggests how Artificial Intelligence could reduce costs processing of mortgages by 10% to 20%. The Cloud computing, on the other hand, could bring significant savings, while Big Data would allow "more surgical marketing".
Banks have predicted that the machines could replace thousands of jobs. Citigroup CEO Mike Corbat said "tens of thousands" of call center employees could be replaced. John Cryan, former boss of Deutsche Bank, warned in 2017 that up to half of the banks' workforce could be lost. However, data from the FDIC (Federal Deposit Insurance Corporation) show that the total number of employees in the industry has decreased only 16 times since 1935.
US banks saw a positive thing last year: No bank was down. According to a reference in January, last year was the first time since 2006 that no US bank experienced a recession during the year, and the third time since the FDIC was founded 1933.
The reasons, according to the report, were: economic expansion, regulations introduced after the recession, which improve risk for banks, and the President's corporate tax changes <br><br>Donald Trump.
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