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‘Developers Are the New Bankers’: Wells Fargo Analysts Predict Wave of Job Cuts

  • Banks may eliminate 100,000 jobs over 5 years, analysts say
  • Compensation costs may not decline as quickly as headcount

The era of bankers dominating banking is over as software developers rise -- and a record wave of job cuts will soon sweep the industry.

That’s according to Wells Fargo & Co. analysts led by Mike Mayo, who estimated that the technology improvements and automation these developers bring will allow the industry to cut 100,000 jobs over the next five years.