Tyler Durden – A new report by Wells Fargo & Co. warns that nearly 200,000 US banking jobs are at risk of being displaced by robots.

As we’ve explained in the past, accelerating technological advances in automation, artificial intelligence, and machine learning have the potential to reshape the world in the 2020s through 2030. The collision of these forces could trigger economic disruption far greater than what was seen in the early 20th century.

Across the financial industry, a new wave of investment, somewhere in the tune of $150 billion per year, is being spent on technology, that will “lead to lower costs, with employee compensation accounting for half of all bank expenses,” said Mike Mayo, a senior analyst at Wells Fargo Securities LLC. Continue reading →