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UBS Could Replace 30% of Existing Employees With Technology
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UBS Group AG’s (UBS - Free Report) chief executive officer, Sergio Ermotti, in an interview with Bloomberg Magazine, said that the company could lay off close to 30,000 workers in the years to come. The workforce reduction would be primarily attributable to its technological advancement.
According to Ermotti, the effect of technology will be a gradual process, and not a “Big Bang.” Regulations have witnessed a huge change in the last decade and technology is likely to impact the banking industry in a similar way over the next 10 years. While technological advancement will help in reducing costs, reinvestment of savings is mandatory to keep abreast with updated technology.
Currently, this Swiss bank has 95,000 employees, including contractors. With the development of technology, 30% of the workforce is expected to reduce. However, the nature of work in which “human content” is critical, will be as valued as is now.
Consultancy firm Accenture believes that Artificial Intelligence (AI), the technology behind driverless cars, drones and voice-recognition software, will become the primary way in which banks will interact with clients in the next three years. Blockchain is another innovation that is expected to revolutionize the industry in the coming years.
UBS Group has always supported technological advancement. It is already working with nine other major banks including Deutsche Bank AG (DB - Free Report) , Bank of New York Mellon Corporation (BK - Free Report) and Banco Santander, S.A. (SAN - Free Report) to create a new form of digital currency that will work on blockchain platform. The main intention behind launching this is to allow financial groups to exchange money without waiting for physical transfers. This is expected to go live at the end of 2018.
Shares of UBS have gained 21.1% in a year, underperforming the industry’s rally of 27.8%
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Image: Bigstock
UBS Could Replace 30% of Existing Employees With Technology
UBS Group AG’s (UBS - Free Report) chief executive officer, Sergio Ermotti, in an interview with Bloomberg Magazine, said that the company could lay off close to 30,000 workers in the years to come. The workforce reduction would be primarily attributable to its technological advancement.
According to Ermotti, the effect of technology will be a gradual process, and not a “Big Bang.” Regulations have witnessed a huge change in the last decade and technology is likely to impact the banking industry in a similar way over the next 10 years. While technological advancement will help in reducing costs, reinvestment of savings is mandatory to keep abreast with updated technology.
Currently, this Swiss bank has 95,000 employees, including contractors. With the development of technology, 30% of the workforce is expected to reduce. However, the nature of work in which “human content” is critical, will be as valued as is now.
Consultancy firm Accenture believes that Artificial Intelligence (AI), the technology behind driverless cars, drones and voice-recognition software, will become the primary way in which banks will interact with clients in the next three years. Blockchain is another innovation that is expected to revolutionize the industry in the coming years.
UBS Group has always supported technological advancement. It is already working with nine other major banks including Deutsche Bank AG (DB - Free Report) , Bank of New York Mellon Corporation (BK - Free Report) and Banco Santander, S.A. (SAN - Free Report) to create a new form of digital currency that will work on blockchain platform. The main intention behind launching this is to allow financial groups to exchange money without waiting for physical transfers. This is expected to go live at the end of 2018.
Shares of UBS have gained 21.1% in a year, underperforming the industry’s rally of 27.8%
Currently, the bank carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Download the new report now>>