Re:Robots to Cut 200k U.S. Bank Jobs in Next Decade, Study Says
by Jorge1o1 on Wednesday October 02, 2019 @07:56AM
(#21135434)
It’s not just tellers getting replaced though, it’s brokers/salespeople/traders - jobs that were once coveted.
I foresee a future where every major bank just gives their clients (hedge funds, asset managers) an API that they can call to electronically trade securities, rather than a phone number they can call. This is already in progress (see Tradeweb)
At the end of the day, when you’re competing with 6 other banks to offer a better bid-offer spread, you need to cut costs any way you can, and that means cutting humans.
Moreover, as sales and trading becomes more commoditized, all the salespeople get the axe. No need to take clients out to expensive lunches, etc.
I foresee a future where every major bank just gives their clients (hedge funds, asset managers) an API that they can call to electronically trade securities, rather than a phone number they can call. This is already in progress (see Tradeweb)
At the end of the day, when you’re competing with 6 other banks to offer a better bid-offer spread, you need to cut costs any way you can, and that means cutting humans.
Moreover, as sales and trading becomes more commoditized, all the salespeople get the axe. No need to take clients out to expensive lunches, etc.