Robots to cut 200,000 US bank jobs in next decade
Rafferty Capital Markets chief financial strategist Dick Bove discusses bank earnings.
Banking will be the next industry hit by technology.
While the ATM, which recently turned 50 years old, added to convenience, it also helped to trim jobs in the industry.
According to a report from Wells Fargo, a significant number of jobs could be lost over the next decade to robots.
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The number is estimated at 200,000 job cuts.
Finance firms are reportedly spending $150 billion annually on technology in order to lower costs or which half of banking expenses involve employee compensation according to Bloomberg.
According to the report, back office, bank branch, call center and corporate employees are being cut by about a fifth to a third.
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Less affected are jobs related to tech, sales, advising and consulting.