‘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
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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.