{"id":23180,"date":"2020-01-11T08:00:17","date_gmt":"2020-01-11T08:00:17","guid":{"rendered":"https:\/\/www.ceo-na.com\/?p=23180"},"modified":"2020-01-10T16:44:51","modified_gmt":"2020-01-10T16:44:51","slug":"banking-industry","status":"publish","type":"post","link":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/news\/banking-industry\/","title":{"rendered":""},"content":{"rendered":"

A 225-page report by\u00a0Wells Fargo predicts a massive reduction for banking jobs.<\/p>\n

<\/p>\n

A 225-page report by\u00a0Wells Fargo outlines how advancements in technology can lead up to 10% of banking jobs to be cut in the next decade.<\/p>\n

According to Business Insider,\u00a0Wells Fargo’s 225-page report outlines how technology could impact the US banking industry, including how AI could reduce mortgage processing costs by 10% to 20%, while the use of big data and cloud computing could yield significant savings.<\/p>\n

The banking industry spends $150 billion annually on tech \u2014 higher than any other industry in the US \u2014 which should ultimately lead to lower personnel costs.\u00a0Major banks’ tech budgets are at a high: JPMorgan Chase, Bank of America, and Wells Fargo had tech\u00a0budgets\u00a0of $11.5 billion, $10 billion, and $9 billion, respectively \u2014 allowing them to roll out advanced digital features that help attract customers while cutting personnel costs.<\/p>\n

A change is yet to come<\/h1>\n

Wells Fargo isn’t the first to predict that tech advancements in banking will have a major impact on banking employees’ trajectory.\u00a0McKinsey reported<\/a>\u00a0earlier this year that the headcount of front-office workers will drop by almost a third with the rise of robots. Meanwhile, R. Martin Chavez, former Global Co-Head of the Securities Division of Goldman Sachs, says that all traders will soon need coding skills to succeed on Wall Street.<\/p>\n

According to Bloomberg<\/a>, Banks are spending billions in the race to utilize the latest technologies in everything from capital markets to retail banking.\u00a0JPMorgan Chase & Co., the biggest U.S. bank, sets aside more than $10 billion to spend on technology each year and has even gone so far as to call itself a technology company.<\/p>\n

Click here for the full Business Insider story.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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