I think anyone who works in wholesale banking including RM’s, portfolio managers, underwriters and analysts should start preparing for a career change. In the next few years, the entire loan underwriting, origination and portfolio management process will be automated using AI. They will not need even half as many people when we aren’t doing all the work manually anymore. Many high paying jobs will soon be going away. Just hoping to survive another few years. Good luck everyone!
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Most of the bank still calls it Wholesale, and it’s mismanaged at the top down. Constantly pulling at the reigns trying to do their own thing, and it’s going to end badly.
Automation will be a tidal wave of layoffs, and it is coming for underwriting in multiple business lines and other backend support roles. The various tools we have installed on our devices is being used to feed AIs to learn how to efficiently underwrite. From what I’ve heard, the goal is 94% or higher accuracy.
Technology doesn’t have their own environments up enough for automation to work so why would you think it would work anywhere else? Maybe they should use more third parties, that’s the ticket!
Yes, that was sarcasm, people. It all went downhill in tech when we stopped supporting our own systems.
Do we really have it together enough to successfully automate major processes?
The fact the OP still refers to “wholesale banking” vs CIB/Commercial should tell
everything one needs to know about this post.
AI by default doesn't give loans to African Americans, oddly race is never entered anywhere in the system. This isn't a joke either, I'm in Credit Risk. Reputation risk feels this is a big problem, hence the major investments in African American banks. Can't make this stuff up.
They have been saying this about banking positions for 15 years. I haven’t seen much of a change, especially for underwriters. WF seems to be hiring underwriters like crazy!
Competitor has been trying for the past 3-4 years. It's not going so well despite leadership saying otherwise.
In theory it could, just like they have been saying for years truck drivers are going away. The tellers are supposed to be long gone. In reality, could take many years to happen. Good luck finding a job that in theory could not be taken over by AI.