New Report Sees 1.7m Jobs Lost to FinTech in U.S. and Europe

[kreslik.news]

A new report by Citi bank forecasts that banks in the United States and Europe will cut 1.7m jobs over the next decade due to FinTech innovations that will oust market share and/or replace the worker’s positions with a new approach.

The report was authored by Ronit Ghose, Citi’s Global Head of Bank Research, who, according to coverage by the FT, said, “Obviously the biggest take out will happen in countries that have been through a crisis or are tech savvy,”

The number forecasted would be 30% of the currently employed staff count across the U.S. and Europe, where there has ... (read more)