Research: Bitcoin and Crypto Shaking the System as US Banks Prepare to Slash 200,000 Jobs
[ChainDD report] October 9 (ChainDD) Wells Fargo reveals in a recent study that technological efficiencies will lead to the largest reduction in workers throughout the US banking sector in its history.
Approximately 200,000 job cuts are expected over the next 10 years. The estimated job cuts echo sentiments expressed by Christine Lagarde, who will serve as president at the European Central Bank. Christine Lagarde mentioned that distributed ledger technologies (DLT) like Bitcoin and other cryptocurrencies are “shaking the (banking) system.”