Skip to content
Subscriber Only

Robots to Cut 200,000 U.S. Bank Jobs in Next Decade, Study Says

  • Industry spends $150 billion annually on tech: Wells Fargo
  • Positions being cut at call centers, branches, back offices
Bloomberg business news
200,000 Banking Jobs Could Be Lost to Machines

Technological efficiencies will result in the biggest reduction in headcount across the U.S. banking industry in its history, with an estimated 200,000 job cuts over the next decade, Wells Fargo & Co. said in a report.

The $150 billion annually that the country’s finance firms are spending on tech -- more than any other industry -- will lead to lower costs, with employee compensation accounting for half of all bank expenses, said Mike Mayo, a senior analyst at Wells Fargo Securities LLC. Back office, bank branch, call center and corporate employees are being cut by about a fifth to a third, with jobs related to tech, sales, advising and consulting less affected, according to the study.