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They said the same things about computers, it's just a fear tactic. No basis to it.
The industry is greatly influenced by regulations and rates meaning it is very cyclical. Finance has historically had 18 to 22 year peaks and valleys. When rates are low, you can make a lot and little to no job when rates are down.
AI is definitely making a mark especially in the lending space where AI can not only OCR/ICR read loan documentation for a loan approval (W2, tax returns, budgets, P&L, asset statements, etc.) that humans used to but it is intuitive enough to issue full loan approvals and terms with little to no human intertraction on certain non-government backed loans, i.e., conventional residential and conventional commercial loans.
I have a 32 year career in finance. Unless you have an internship with deep banking credit risk or private wealth along with a MBA, are deeply connected with potential high-net worth clients, or a naturally gifted salesperson, I would choose another profession that is not so cyclical such as healthcare.
I've had the same feeling, and I'm facing a layoff this year. I'm switching careers to healthcare after 20+ years in banking. Once laid off, I will be going back to school.
@jpmorgan chase 1 - Business Execution Consultant
Just depends on the business need. We are in a recession. Companies across the board are feeling it. Stay hopeful and control what you can.
Human in the loop. We have to fix what the computers break.
Don’t worry, just be open to taking opportunities as they pop up in your life.
Straight up sales will be around to some degree. And management jobs.
Frees us up to do other stuff. Some jobs are lost with tech like typists. New jobs created like help desk.
No, I don't think so. The banks are working many pedestal to Cloud migrations and currency conversion projects to aid the upcoming digital dollar. If you are a banking leader, you may be secure, but if you are hourly/ non-exempt it might be a good time to find something else.