These Bank Executives Say They’ll Be Hiring When Doomsday Comes

Will every second banker shed his or her occupation within the next decade?

The response to this question is#x 201D; based on the chief executive officer of Nordea Bank AB, Casper von Koskull, & #x 201C; yes. Others in the market have made similar predictions, including former Citigroup Inc.. CEO Vikram Pandit. However, not all bank executives take the same view.

At SEB AB, one of Sweden’s four banks, CEO Johan Torgeby says there may be employees 10 years from today. They will be replaced by new roles and employees will be retrained, although some positions will become redundant. The question is one of productivity and growth, ” he argues.

In an interview in Stockholm, Torgeby said that “nearly everyone” working in the financial industry today “needs to presume” this somewhere between 10 percent and 90 percent of what they know will be outdated in the digital era.

Given the fundamental changes it, gripping the business & #x 2019;s more probably than not that banks are going to have the ability to get by with fewer humans, Torgeby said.

“But it could be that you grow,” he said. “In case you can grow your operations, then you might be too many or more later on, but #x & you 2019 ;d nevertheless require a productivity growth. ”

Nordea said it will cut 6,000 jobs, 2,000 of which are consultants, in an effort to adapt to the digital era. A week later, the National Bank of Australia Ltd. said it was cutting 4,000 jobs for comparable reasons. The announcements seemed to give a glimpse of what the future may look like for an industry that’s lost hundreds of thousands of jobs since the 2008 fiscal crisis.

Svenska Handelsbanken AB stands out as a significant Swedish bank to have jobs over the past decade. It’s been vocal on its devotion to branches. But overall, Sweden’s largest banks have reduced their branch network in the nation.

Said #x & the Nordea CEO2019 forecasts on headcount struck at him as a “fairly strong statement. ”

“From our standpoint, we have no plans for anything similar to what they’ve done,” he said. “However, what’s happening right exactly what we & #x 2019; re working on — to continuously improve ourselves — is in this direction, and also now with digitization. ”

The CEO of Swedbank AB, Birgitte Bonnesen, says & #x201C;there’ll be changes possibly of employees; from the numbers & #x 201D, & #x 201C; but more from the content & #x 201D; of exactly what they perform. “Many folks will move into various roles. ”

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