Bank of America to slash 8,000 jobs as digital banking grows

From the Publisher:  This article highlights an important issue that members of the fintech community must address – what to do with workers displaced by these emerging technologies.

“Bank of America is looking to slash about 8,000 jobs as digital banking gains momentum and drop in the numbers of customer visiting its branches.

The layoffs will mostly impact the employees working in its back office operations and teller positions, CNN Money reported, citing a source familiar with the matter.

However, the biggest US lender by deposits will not cut jobs immediately and plans to partly offset the impact by hiring sales staff, mortgage loan officers, personal investment advisers and small business bankers.

Despite this, the bank’s headcount is expected to decline by thousands as its customers increasing prefer to do banking on desktops and smartphones instead of walking into bank branches, The Financial Times reported.”

Full Article From Banking-business-review.com