Robots could wipe out 1.3 million Wall Street jobs in the next 10 years


Business Insider | April 12, 2019

The Business Insider article, “Robots could wipe out 1.3 million Wall Street jobs in the next 10 years," quoted Russell Reynolds Associates Consultant Heather Hammond on job seekers' continued interest in the banking industry despite recent scandals. The article is excerpted below.

Jobs in banking are some of the most sought after for job seekers — but plenty of roles may not be around much longer.

Despite a year of scandals that entangled many of the country's largest banks, the desire to work at these companies remains high, according to a new report by LinkedIn. Some of the more high-profile scandals include Deutsche Bank's alleged involvement in a global money-laundering scheme and accusations against Well Fargo's auto-loan and mortgage practices.

Nonetheless, Bank of America, Goldman Sachs, Citigroup, Wells Fargo, and JPMorgan Chase remain five of the most popular places to work in 2019. LinkedIn attributes the popularity to banks offering increasingly tech-focused jobs that attract talented software engineers and developers out of college.

"The reality is that if somebody wants to learn finance and strategy, these banks are still the places to be trained and developed," Heather Hammond, co-head of the global banking and markets practice at Russell Reynolds Associates, told LinkedIn.

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