Friday, January 22, 03:30
Home business 200,000 bank jobs lost due to AI

200,000 bank jobs lost due to AI


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.


Please enter your comment!
Please enter your name here

Absent Mia
Absent Mia
Being your self, in a world that constantly tries to change you, is your greatest achievement


Mac: How to see which model you have and when it was released

When you need support for your Mac - or want to install some kind of upgrade - you usually need to know the exact ...

Bill Gates: Will he work with Biden on COVID-19 / climate change?

Microsoft co-founder Bill Gates said on Twitter that he is looking forward to working with the new US President, Joe Biden, and ...

What are the rumors circulating about the iPhone 13?

Apple iPhone 13 will have a redesigned Face ID system that will have a smaller notch at the top of the screen, ...

Biden: How was the political transition in the US captured on social media?

As Joe Biden was sworn in as President of the United States, this important political transition was captured on popular social media. On January 20, ...

CentOS ceases to be supported but RHEL is offered for free

Last month, Red Hat caused a great deal of concern in the Linux world when it announced the discontinuation of CentOS Linux.

Microsoft Office 365 employee passwords leaked online!

A new large-scale phishing campaign targeting global organizations has been found to bypass Microsoft Office 365 Advanced Threat Protection (ATP) and ...

COSMOTE and Microsoft provide new cloud solutions for businesses

COSMOTE and Microsoft expand their cooperation, offering even more advanced and high quality cloud solutions, in large and small ...

Cyber ​​attacks in Eastern Europe are on the rise!

The cyber-attacks that have taken place in many US government agencies and companies in recent months have caused concern in the developing countries of ...

Tesla reduces the prices of the Model 3 in Europe

Tesla has reduced the prices of the Model 3 in many European markets, which reductions could be partly linked ...

iOS, Android, XBox users in the crosshairs of a new malvertising campaign

Recently a new malvertising campaign was discovered that targets users of mobile and other connected devices and uses effective ...