Banks could soon suffer massive wave of job losses, analysts say
CBSN
Although the banking sector has played an outsized role in the U.S. economy for decades, thousands of frontline workers in the industry are likely to find themselves with a shrinking part to play as their jobs succumb to automation over the next few years, according to a report.
About 100,000 positions could vanish over the next five years as large U.S. banks invest more in digital banking and other technologies, Wells Fargo analysts predicted in a research note this week. Roles slated to disappear include branch managers, call center employees and tellers. Artificial intelligence, cloud computing and robots will play a larger role in daily banking functions like taking payments, approving loans and detecting fraud.
The disappearance of such jobs could parallel the massive contraction in manufacturing work in 1980s and '90s, according to Wells Fargo.
A jury on Wednesday found that Meta and YouTube are liable for creating products that led to harmful and addictive behavior by young users, a landmark decision that could set a legal precedent for similar allegations brought against social media companies. Edited by Alain Sherter and Aimee Picchi In:
"Today" show co-host Savannah Guthrie said her family is in agony as she made a tearful plea for someone "to do the right thing" nearly two months after her mother Nancy Guthrie disappeared from her Arizona home. In:
Washington — The Supreme Court on Wednesday ruled that internet service provider Cox Communications cannot be held liable for copyright infringement by its subscribers in a closely watched dispute over pirated music.
Joey Amor says his wife, Army Sgt. 1st Class Nicole Amor, was "the rock" and "the glue" for those around her — a role he says defined her life and service before she was killed earlier this month during the war with Iran. In:
An internal watchdog report in the Department of Homeland Security identified serious vulnerabilities in TSA's screenings at airports nationwide — and the agency has yet to respond five months later, according to internal communications provided to House Homeland Security Committee staff and reviewed by CBS News.
Two orphaned bear cubs are settling in at a California animal welfare center after their mother was euthanized for attacking people, the San Diego Humane Society said Tuesday. In:
Travelers at a Houston airport voiced shock and disbelief over seemingly endless TSA security lines caused by a severe staffing shortage. In:
Paul Kovacich, a K-9 commander serving life for his wife's 1982 murder, has a mixed message for the California parole board ahead of his first chance of freedom: He doesn't want an early release — and he didn't kill his beloved German shepherd. In:
A California court denied the state attorney general's appeal to halt the Riverside County Sheriff's election fraud investigation on Tuesday. In:
The Justice Department's investigation of a $2.5 billion renovation project at the Federal Reserve didn't find any evidence of a crime, a federal prosecutor privately conceded under questioning by a skeptical judge earlier this month, according to a transcript of the sealed hearing. In:
Early this week, Senate Republicans and the president appeared to be edging closer to a framework to ending the Department of Homeland Security shutdown, which is now in its second month — but a breakthrough has remained out of reach.
Democrat Emily Gregory won a special election for a Florida state House seat on Tuesday, The Associated Press has projected, flipping a district that is home to President Trump's estate, Mar-a-Lago. In:
The two Canadian pilots who died in Sunday's runway collision at LaGuardia Airport in New York were young, ambitious men at the start of their careers who each had pursued their yearslong dream of flying. In: