AI Projected to Replace Thousands of Banking Jobs
IPATH US TREASURY LONG BOND BE (DLBS)
US:NYSE Investor Relations:
bloomberg.com/quote/dlbl:us
Company Research
Source: PR Web
GLENDALE, Calif. (PRWEB) April 19, 2018 Anthony Jenkins, former CEO of Barclays Bank, predicts that over the next 10 years, advances in financial technology--especially in artificial intelligence (AI)--could cause the number of people employed by the financial services sector to decline by as much as 50%, providing the industry with huge cost savings and enabling a much more competitive atmosphere.1 "That's the vision," says James D'Arezzo, CEO of Condusiv Technologies. "The reality is more complicated. Unless banks deal with the performance issues that AI will cause for ultra-large databases (typically run on Microsoft SQL servers), they will not be able to take the money gained by eliminating positions and spend it on the new services and products they will need in order to stay competitive."Looming technical issues notwithstanding, senior banking executives increasingly agree on the inevitability of AI-based services and an accompanying major reduction in industry workforce. Forme
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