MSN, November 6, 2023, Why Are The Big Banks In The US Laying Off Thousands Of Employees?
Changes are coming to the banking sector. As younger clients open accounts, digital banking options are increasing in demand, and automation is leading banks to close local branches.
The integration of artificial intelligence into the banking sector, as well as the increased prevalence of online banking, has led to major banks closing local branches across the country. According to the National Community Reinvestment Coalition, nine percent of all bank branches have closed since 2017 in the US. Not all of the workers from these branches have lost their jobs, with some being moved to other locations. The Bureau of Labor Statistics projects that around fifteen percent of bank telling roles, around 53,000 thousand jobs, will be eliminated by 2032. This is one example where automation eliminates jobs, and creates a risk for workers if new jobs of the same quality are not created in their place. However, just because jobs have been lost at the branch level does not mean other jobs haven’t been added in other areas of the company.
