Mike Mayo, a Wells Fargo analyst, has predicted that US banks will cut off 200,000 jobs in the next 10 years to increase efficiency and productivity. He says that low-pay jobs are the ones on the edge. In a 2019 Wells Fargo report, financial firms spent over $150bn annually where 50% was employee compensation. Mayo said that 1 in 3 employees will be dropped with the rise of robots. Jobs in the sales, tech, advising, and consulting sectors will be less affected.