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High Tech Job Killing

Where will our next generation of jobs come from? The banking sector clearly is not a major growth industry—company staffing counts go sideways, average Wall Street bonuses slide, and retail operations shrink thanks to cash machines and smart phones. And who needs trading floors and as many day traders when transactions are programmed by computer algorithms?

By Jonathan D. Miller | Updated on November 10, 2015

Where will our next generation of jobs come from?

The banking sector clearly is not a major growth industry—company staffing counts go sideways, average Wall Street bonuses slide, and retail operations shrink thanks to cash machines and smart phones. And who needs trading floors and as many day traders when transactions are programmed by computer algorithms. Consolidation has been occurring for years as most major cities have lost their money center banks to the global finance centers—New York, London, Tokyo, Hong Kong, and a few others. Last week’s Wall Street Journal article about Bank of America highlighted how its Charlotte headquarters is just a fiction—most senior executives operate out of the New York area.

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