Business Insider: The "Uber moment" in finance that the former CEO of Barclays warned about recently is already happening — 11 big banks have cut a combined 10% of their staff this year.Analysis by the Financial Timesshows that almost 100,000 banking jobs were cut this year, equivalent to 10% of the combined staff of the 11 big European and US banks that announced cuts.
Traders go away, but banker multiply. Transaction costs drop to zero as banker bot takes on the trading function ; but bankers will have a field day finding new things to monetize.
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