Study: Robots to cut 200K US bank jobs over next decade

A Wells Fargo & Co. study indicates robotic technologies will reduce the U.S. banking industry's headcount by 200,000 jobs over the next decade.

Should that prediction occur, it would be the largest job reduction in the U.S. banking industry's history.

“It will be a dramatic change in contact centers, and these are both internal and external,” said Michael Tang, a Deloitte partner who leads the consulting firm’s global financial-services innovation practice, in an interview in the Wells Fargo report. “We’re already seeing signs of it with chatbots, and some people don’t even know that they’re chatting with an A.I. engine because they’re just answering questions.”

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