According to a new report from Citigroup, European and US banks will cut further 1.7 million jobs in the next decade as especially fintech companies will take a portion of the business from traditional banks. This corresponds to more than 30 percent of the current bank employees. This is in addition to the approximately 700,000 jobs have already been cut.
On top of this disruption, technology allow the banking industry to run the business more digital and therefore there is a need for a smaller number of employees in the physical branches.
I am sure that other parts of the financial sector (e.g. insurance) have the same challenges and the big question is of course what the leadership chooses to do to survive as a company?
Employees must make choices with due diligence and constant care, one should not expect 25 or 40 years of anniversary service in the same bank or industry anymore!