The cuts will happen over the next decade and represent over 10 per cent of all banking jobs, according to a report from Wells Fargo. Branches, call centres and back offices would be particularly affected. (Financial Times)

Talking point: U.S. and Canadian banks are investing heavily in technology in an attempt to grow profits while fending off tech giants’ increasing interest in the finance space. In March, RBC CEO Dave McKay said he saw Facebook, Amazon, Netflix and Google as threats because they collect data on RBC’s customers and then sell it back to the bank. RBC is well ahead of other Canadian banks when it comes to spending on technology. In June 2018, McKay announced a US$2.5-billion plan that includes a financial-advice app, an app for car owners and a digital platform for new immigrants. RBC’s investment is a fraction of what some U.S. banks are spending, however. JPMorgan Chase planned a US$10.8-billion tech spend last year.