Automation is coming to the financial services industry, according to Edelman CEO Richard Edelman.
“Financial services is going to go through a wave of automation,” Edelman said at Yahoo Finance’s All Market Summit Thursday in New York City. “Twenty-five percent of financial services jobs will be eliminated.”
Edelman said automation’s threat to jobs applies to both white collar and blue collar jobs. “This is not simply truck drivers,” he said. “It’s happening in retail stores and back offices.”
According to a recent Edelman survey, 4 out of 5 respondents globally think they’ll be economically worse off in 10 years from now.
“[People are] afraid they’ll lose their job to machines,” he added.
Edelman, a global communications and public relations company, was founded in 1952, by Daniel Edelman, and maintains 60 offices across the globe.
Click here to watch the complete interview:
Scott Gamm is a reporter at Yahoo Finance. Follow him on Twitter @ScottGamm.
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