US Banks Expected To Lose 200K Jobs To Tech PYMNTS.com

In the next 10 years, as robots and other tech bring about the "greatest transfer from labour to capital" the industry has witnessed, per a report by Wells Fargo analysts, U.S. banks will slash over 200,000 jobs. Veteran Wall Street Analyst Mike Mayo noted that cuts of such magnitude would comprise over 10 percent of total bank jobs, and pave the way for a "golden age of banking efficiency," the Financial Times reported. Mayo said, according to the outlet, "It's been a rocky 25-year marriage for banking and technology, but it's finally getting on course." Wells Fargo's team of analysts in financial services and technology examined technology's impact throughout the banking industry in the U.S. The 225-page report discussed how artificial intelligence could cut costs for mortgage processing by 10 percent to 20 percent. Cloud computing, on the other hand, could bring in significant savings, while Big Data would enable "more surgical marketing."