Wells Fargo analysts predict that more than 100,000 banking jobs could be cut by technology over the next five years.
The bank sent a 110-page report to its customers, which details the potential impact of digitization on Wall Street and its employees, Bloomberg reported.
Speaking to Bloomberg TV, Wells Fargo chief executive Mike Mayo predicted that two-thirds of back office jobs and one-third of front office roles would be the most likely to be affected.
“Developers are the new bankers. These are usually higher paying positions, so even if banks are downsizing, they may not be lowering pay as quickly.
Noting that back office work remains a chore,
Mayo Says, “Some will succumb to the technology, but others may require changes in regulations or laws to be completely phased out. In any event, banks should be able to significantly reduce back office staff over time. “