Tech set to decimate bank jobs

06 October 2019 - 00:03 By LAURA NOONAN

US banks will cut more than 200,000 jobs in the next decade as robots and other technologies bring about the "greatest transfer from labour to capital" the industry has seen, a report by analysts at Wells Fargo claims.

Cuts of this magnitude would represent more than 10% of total bank jobs and clear the way for a "golden age of banking efficiency", according to Mike Mayo, a veteran Wall Street analyst who led the report...

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