Mike Mayo: 'Bots for Bankers' Takes 200,000 Wall Street Jobs in 10 Years

The video discusses the impact of technology on the banking sector, highlighting the need for banks like HSBC to rethink their strategies due to slow revenue growth. It predicts significant job reductions in the banking industry, particularly in the US, as technology replaces traditional roles. The discussion emphasizes the importance of adopting technology to remain competitive, with a focus on artificial intelligence, big data, and digital banking solutions.

What is one of the main strategies banks are using to manage expenses in a slow revenue growth environment?

• Hiring more staff

• Investing in technology

• Expanding branch networks

• Increasing interest rates

How many jobs are expected to be reduced in the US banking sector over the next decade?

• 50,000

• 10,000

• 100,000

• 200,000

What is the approximate current workforce size of HSBC?

• 100,000

• 150,000

• 250,000

• 200,000

Why is there a significant push for technological adoption in banks now?

• To increase physical branch presence

• To increase manual processing

• To reduce online banking services

• Due to customer readiness and available technology

What is one of the technologies mentioned that banks are adopting?

• 3D Printing

• Virtual Reality

• Artificial Intelligence

• Blockchain