Humans need not apply: Ex-Deutsche Head of Equities says banking careers are over

Banking Careers
There is little doubt that banking jobs are in decline!

In a recent interview with efinancialcareers, Kerim Derhalli, Ex-Deutsche Head of Equities says banking careers are over for future generations

The reality for students embarking on a career in banking is bleak according to Kerim Derhalli, the Ex-Deutsche Head of Equities. After spending 22 years in equities sales and trading, Derhalli believes that banking careers are over.

Massive job losses in the banking sector since the 2008 financial crisis are about to be made even worse by a surge in new financial technologies disrupting the industry. The problem says Derhalli is that a lot of banking jobs are unskilled and ripe for automation. Banks are now questioning how many people they need for their operations.

In the future, Derhalli believes that banks will need fewer and different kinds of people. Those who are digitally and technologically savvy will be most sought after, rather than people who can talk a good talk according to Derhalli.

“Students starting today should work for companies that are disrupting established value chains,” says Derhalli. “A traditional career in an investment bank doesn’t make sense anymore – yes, go and get some training there, but then leave and find a part of the industry that’s ripe for disruption” he continues.

While not all industry insiders believe that banking careers are over, there can be little doubt that banking jobs are in decline. Harsh global conditions combined with technological advances don’t bode well for those looking for a career in traditional banking.

According to 2016 Citigroup report, technology is starting to take over the banking industry and the downsizing of the bank workforce is about to accelerate. Citi predicts 30% of bank jobs could be lost between 2015 and 2025, mainly due to retail banking automation.

Derhalli has moved on from his banking days at Deutsche. He is now CEO of Invstr, a social network mobile app that delivers financial information to users helps people understand how markets work.

More Here [efinancialcareers]



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