Fintech could spur two million banking job cuts
US and European banks could cut up to 30% of their workforce in the next decade, suggests a report from Citi
The next decade could see a 30% reduction in jobs at European and US banks, as innovations from financial technology (fintech) companies disrupt historically profitable areas for global lenders, according to a report published by Citigroup on March 30.
The paper, 'Digital disruption: how fintech is forcing banking to a tipping point', stated that the number of jobs at US banks will drop to 1.8 million in 2025, from 2.6 million in 2015. Before the financial crisis, when the number of employees at
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