Wall Street is about to lay off employees again,
! ! ! !
After repeated news of layoffs and business adjustments, global investment banking giant Deutsche Bank finally announced that it will lay off more employees in large quantities! According to the Wall Street Journal (blog, Weibo) at the end of May, in order to turn the company back, Deutsche Bank will lay off 110,000 employees of html by 2019.
Source: WSJ
In addition to the huge scale of layoffs, this move is not simply to reduce the cost restructuring cycle, but to mark the change in the global investment banking field.
01
1/4 positions no longer exist, and 12 people were laid off every day in the past 7 weeks
In recent years, Deutsche Bank has been in trouble. The plagued lawsuits and its dependence on high-cost and high-risk businesses have caused it to suffer losses for three consecutive years.
htmlChristian Sewing, CEO who was just appointed in April, decisively adopted a "iron-blood" policy and decided to "cut" all the 97,000 Deutsche Bank's global employees to reduce the number of employees to less than 90,000., which also means that in the next year, one out of every 10 Deutsche Bank employees will face the risk of being laid off.
Deutsche Bank said in a statement this week that there will be 1/4 positions in securities sales and trading business no longer exist. Christian Sewing also disclosed at the shareholders' meeting that the plan is under implementation, with 600 employees being fired in the past seven weeks.
commented that 's move also marks Deutsche Bank's goal of giving up its goal of comparing with Wall Street investment banking giants such as Goldman Sachs and Morgan Stanley. And for this goal, Deutsche Bank has worked hard for 30 years.
02
Nine major investment banks layoffs storm spread throughout the entire financial industry
Previously, National Bank of Australia NAB suddenly announced a significant layoff. plans to complete 6,000 layoffs by 2020, accounting for 18% of the bank's employees.
However, this is just the beginning. Coincidentally, everyone has been breaking through the nine major Wall Street investment banks that they want to enter, and it is also the same word: cut!
Source: Wall Street News
Source: NetEase Technology
Source: Xinhuanet
In recent years, 12 top investment banks on Wall Street have been "persisting" in large-scale layoffs, which can be seen from the fact that "there are only 2 left in Goldman Sachs 600 traders now."
Deutsche Bank's year-end bonus was lost, laying off thousands of employees;
Credit Suisse will lay off 5,000 employees worldwide by the end of 2018.
Citi It is expected that European and American banks will lay off 30% of their employees in the past ten years, affecting 1.7 million people...
Since this is the case abroad, the domestic banking industry is not much better... In early May, an internal employee of a well-known brokerage firm brokerage broke the news on Weibo that 10 brokerage firms including Guotai Junan planned to cancel the recruitment this year!
To talk about these specific reasons for the decline and recession of the banking industry, we can know from a warning from the president of Deutsche Bank.
03
Deutsche Bank President: Machines will replace most of the bank staff
Deutsche Bank CEO John Klein recently told bankers at an event that a large number of Deutsche Bank's existing employees will be replaced by robots, and warned that a mechanical accounting work style like "abacus" will be completely over.
There is something even more heartbreaking: It is predicted that by 2025, 230,000 people on Wall Street will be replaced by AI.
Nevertheless, the bank CEO added that the use of new technologies and robots cannot directly and completely replace human resources.
In contrast, some "skilled" employees will get promotion opportunities, and when mechanized tasks are entrusted to robots, they will get more interesting work.
The decline of the traditional banking industry, on the other hand, also represents the rapid development of emerging industries and directions:
Fast (mobile banking, online banking) payment business is rapid
Credit business is full of potential
Blockchain gradually deconstructs the financial industry from the bottom layer
Artificial intelligence will eventually replace humans
According to a survey conducted by Deloitte Group and the European Financial Management Association in 2017, Among the 10 financial service companies surveyed, is using artificial intelligence technology.
04
AI swept Wall Street. What other high-paying opportunities do Chinese business students have?
Currently, traders laid off on Wall Street are mainly on-site traders, executive traders, market makers and sellers. It is not a trader with independent trading authority, core trading capabilities and skills.
JP Morgan's global stock electronic trading business head once said that individual traders who cannot bring changes to the market will be replaced. Therefore, sell-side traders do face the risk of being replaced by artificial intelligence.
From sellers to buyers, from stocks to bonds, the trend of AI replacing humans is unstoppable. But rationally speaking, in the face of the ever-changing changes in the financial market, current AI technology cannot quantify people's hearts.
At the moment when AI is step by step against Wall Street, those "hard-technical" employees still have opportunities.
Although artificial intelligence will make many jobs a thing of the past, the trend of the times has ushered in many new positions.
Students who want to continue to seek jobs in the financial industry and are not replaced have a key point!
In the future, these positions will have large-scale talent needs:
data and financial analysis directions. , UBS Group's innovation director , Veronica Lange, once made it clear that UBS is currently recruiting more talents for the field of artificial intelligence. Including data scientists, architects and business analysts .
quantitative analysis direction. At present, there is a shortage of senior financial talents, and there is a huge supply and demand gap for quantitative analysts, and there is at least 95% of the gap.
Asset Management Direction. With the significant layoffs in the investment bank's front office, the asset management field has expanded its enrollment by 13.2%. Focusing on developing wealth management and asset management businesses has become an important direction for commercial banks to transform.
risk management direction. At present, the foundation of risk management talents is weak. Faced with future development trends, the financial industry has a huge talent gap in risk management.
At the same time, everyone also needs to spend time and energy to study how to combine their existing majors to successfully achieve career transformation in financial technology.
From the perspective of working people and job hunting troops, if comes from a business management or liberal arts background, he will gradually face a job transformation and re-learning his science and technology major. When recruiting new employees, banks will also pay special attention to talents with technological backgrounds.
Foreign media commented:
When traditional financial people face the threat that they may be replaced by machines, the best way out is to use these technologies: algorithms increase data and machine learning.
This article was first published on the WeChat public account: Tiger Wealth.
This article is from Tiger Wealth
For more exciting information, please come to the Financial World website (www.jrj.com.cn)
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