Robots to replace 200,000 US jobs in banking in 10 years

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As the September jobs report looms, a recent report from Wells Fargo is casting a bleak light on the future of banking jobs.

The report revealed that robots are likely to reduce headcount by 200,000 over the next decade throughout the financial industry in the U.S. Wells Fargo’s Mike Mayo spoke to Yahoo Finance’s On The Move this week and said banks will be investing significantly in technology over the next 10 years.

“The next decade should be the biggest decade for banks in technology in history. You’re about to see the biggest capital for labor swap in history,” Mayo said.

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120 million workers will need to be retrained due to AI, says IBM study

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The skills gap is widening between people and AI.

But many CEOs tell IBM they don’t have the resources needed to close the skills gap brought on by emerging technologies.

Artificial Intelligence is apparently ready to get to work. Over the next three years, as many as 120 million workers from the world’s 12 largest economies may need to be retrained because of advances in artificial intelligence and intelligent automation, according to a study released Friday by IBM’s Institute for Business Value. However, less than half of CEOs surveyed by IBM said they had the resources needed to close the skills gap brought on by these new technologies.

“Organizations are facing mounting concerns over the widening skills gap and tightened labor markets with the potential to impact their futures as well as worldwide economies,” said Amy Wright, a managing partner for IBM Talent & Transformation, in a release. “Yet while executives recognize severity of the problem, half of those surveyed admit that they do not have any skills development strategies in place to address their largest gaps.”

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