Banks could soon suffer massive wave of job losses, analysts say
CBSN
Although the banking sector has played an outsized role in the U.S. economy for decades, thousands of frontline workers in the industry are likely to find themselves with a shrinking part to play as their jobs succumb to automation over the next few years, according to a report.
About 100,000 positions could vanish over the next five years as large U.S. banks invest more in digital banking and other technologies, Wells Fargo analysts predicted in a research note this week. Roles slated to disappear include branch managers, call center employees and tellers. Artificial intelligence, cloud computing and robots will play a larger role in daily banking functions like taking payments, approving loans and detecting fraud.
The disappearance of such jobs could parallel the massive contraction in manufacturing work in 1980s and '90s, according to Wells Fargo.
A Tennessee man who was arrested for his involvement in the Jan. 6, 2021, U.S. Capitol riot was convicted Wednesday of planning to kill federal investigators.
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