The number of jobs in banking has been declining for the past three years. In line with that trend, Bank of America has slashed more than 70,000 jobs since 2011. But, wages in the banking sector are rising more than other industries.
Originally posted on Quartz:
Just five years ago, there were more Bank of America branches in the US than Walmart stores. But in an effort to cut costs, the bank has closed about a fifth of its branches since then—and is now warning of more closures to come.
“We took 1,400 branches out of the system, which is bigger than some entire companies out there,” CEO Brian Moynihan said on a July 15 call with analysts to discuss the company’s second-quarter earnings (they nearly doubled to $5.32 billion). “We expect there to be more pressure downward.” Bank of America currently has about 4,800 branches.
The bank’s rationale for closing branches goes beyond cutting costs: “Customer behavior is changing,” Moynihan said, noting that the number of mobile banking customers has more than doubled in the past four years to more than 17 million people. Now, 13% of Bank of America’s checks are deposited via mobile.
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Originally posted on davidwcovington.com:
In “How to Train Your Dragon,” the citizens of Berk had observed, measured, categorized and chronicled dragons for decades. They thought they knew most everything there was to know about these violent beasts. But when Hiccup, a small, anything-but-Norse-like-warrior boy comes into contact with one of the most feared and misunderstood dragons, his eyes are opened wide. Putting aside his preconceived notion of dragons, he develops a loving friendship with “Toothless,” admitting, “Everything we know about you guys…is wrong.”
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Within the sector, Insurance shows the most growth. After adding 83,000 jobs in 2014 and 54,000 in 2013, Insurance added an additional 37,000 jobs through the end of June.
Real Estate and Securities also continue to show job growth; adding 56,000 and 17,000 jobs respectively in 2014. Both sub-sectors added jobs year-to-date.
But Commercial Banking continues to slowly shed jobs at an average rate of 2,000 jobs per month. The sub-sector lost 20,000 jobs in 2014, 16,000 in 2013 and has lost an additional 11,000 jobs in 2015.
Jobs related to Financial Activities generally earn higher wages than most other industries. Financial sector wages rose 3.4% in 2014 and have risen 2.4% year-to-date.