Another Bank CEO Chimes In
No this isn't Jamie Dimon popping off although he thinks that banks will create more jobs in the future. Of course, after reading his forecast on Bitcoin yesterday, perhaps he isn't the best person to listen to.
Yesterday I wrote a post detailing what the Deutsche Bank’s CEO said last week about the impending job losses at his bank.
In an interview on Wednesday, Vikram Pandit, the ex-CEO of Citigroup stated that he sees the banking industry losing 1/3 its' jobs in the next 5 years. This was similar to a forecast he made in 2016 although he did move the timeline up. This total is approximately 770,000 jobs in the US and 1M in Europe.
What is interesting is that in June, an executive at Bank of America said something similar:
"Bank of America’s chief operating officer Tom Montag said in June that the firm will keep cutting costs by finding more ways technology can replace people."
So far that we have high ranking individuals associated with Deutsche Bank, Citigroup, and Bank of America saying the same thing. Quite simply, they are looking at eliminating jobs as soon as possible. This is their goal and they will achieve it. Bet the ranch on that one.
For more of the article: https://www.businesslive.co.za/bd/companies/2017-09-13-ai-and-robotics-to-change-the-face--and-figures--of-banking-says-ceo/
your technology posts are always admireable upvoted
Thank you for the vote of confidence. I hope these posts help people to understand some of what is going on within the tech arena.
yeah always helpful
i will be more pleased if u check mine also :)
I sure hope this FUD is going to stop soon.
But I see BTC falling to $3200-3400 first before bouncing back. If it does not bounce from there significantly, we may face a longer downturn and even go below $3000 for a while before we level out. Historically that has been the case often..
These days it's easy for 'them'... everytime Bitcoin hits a support level and if you are whale, you just dump a bunch so it drops below the support level. That's all you need to do in order to crash the price down to the next support.
I am quite okay with holding back and see BTC into the 2000s.....I am looking to add and the longer the pullback, the better the position I am adding.
We could well see 50% off the highs which is not unheard of in the cryptoworld.
Oh yes for sure. The only thing I don't like is that when BTC drops 10%, the altcoins drop 20% or more. I am holding mostly altcoins so it sucks to see all my precious, precious gains go away. Hoping for a quick rebound after.. but without positive China news it may take a while.
Last time I had to wait 2 years holding the bag on Litecoin before I could get out. I know the market movements, but I also know that after the 'bubbles' it can take a looooooong time for a market recovery. Fortunately it's better and faster these days but we could still very well be entering another year-long downturn before we really get out.. it would not surprise me, as I've experienced it before.
It is undeniable that it can take a long time to get out from under water when a bubble pops. We saw that in housing...it took almost a decade for people to get out from under it.
I am a long term holder of btc and other altcoins. That said, I dont think you have a two year wait no matter what the pullback. Crypto is still an exploding arena and will continue to draw in boatloads of money over the next few years.
Good post duder! Thanks :)
You are welcome.
Thanks for the comment.
@taskmaster4450 The online market place is a wonderful industry for truth of the matter and lies. Now it is actually quite challenging to acknowledge where by the reality is.
i just saw this on theguardian front page, wow
https://www.theguardian.com/technology/2017/sep/13/bitcoin-fraud-jp-morgan-cryptocurrency-drug-dealers
Said the guy who was one of the main players in orchestrating one of the biggest derivative collapses in history.
Privatize the profits, publicize the debt.
everybody will know about cryptos now! wake-up world ! (-:
Nah...most are still asleep.
Even with all the publicity the last few weeks, 99% of America still has no idea what cryptocurrencies are.
Down but not OUT.. These prices move up and down, but not random. I can't go into details, but it does. I have been talking about ETH hitting that $400, $300, $280, and soon to be $240.. While it may not hit 99% of the time these levels whether it be BTC, LTC, XRP, ETH or ETC... These levels have importance to a trend, cycle of a stock or crypto-currency. https://steemit.com/ethereum/@pok8rok8/ethereum-ceiling-and-floor-usd240-btfd-lvl-sept-13-2017
Amazing blog my friend...