The downsizing of the bank workforce is about to accelerate as more technology takes over jobs humans used to do, according to a new Citigroup report. Another 30% of bank jobs could be lost between 2015 and 2025, mainly due to retail banking automation, Citi warned.
“Fintech is forcing banking to a tipping point,” Citi said.Former Barclays (BCS) CEO Antony Jenkins has likened this to the banking industry’s Uber moment.
Indeed the smartphone revolution has shifted the e-commerce landscape to a point that threatens more established players. The payments business has experienced some of the greatest changes, with platforms like PayPal, Apple (AAPL, Tech30) Pay and Square (SQ) transforming the way consumers make payments.And then there’s sophisticated robo advisers like Wealthfront that can manage money automatically. Even highly paid Wall Street jobs aren’t safe. New platforms like Kensho are using technology to spew up sophisticated research reports in minutes that highly paid Wall Street analysts would normally take hours to prepare.
Chosen excerpts by Job Market Monitor. Read the whole story at Citi: Robots could kill another 30% of bank jobs – Apr. 4, 2016