Bitcoin and Crypto ‘Shaking the System’ As US Banks Prepare to Slash 200,000 Jobs

Technological efficiencies will lead to the largest reduction in workers throughout the US banking sector in its history. Approximately 200,000 job cuts are expected over the next 10 years, Wells Fargo reveals in a recent study.

The estimated job cuts echo sentiments expressed by Christine Lagarde, who will relinquish her role as head of the International Monetary Fund (IMF) to serve as president at the European Central Bank.

According to Lagarde, distributed ledger technologies (DLT) like Bitcoin and other cryptocurrencies are “shaking the [banking] system.”

Lagarde, whose comments came during a CNBC interview, notes that the rapidly evolving business models of commercial banks and innovative blockchain-based digital assets are having a clear impact on the financial industry.

“I think the role of the disruptors and anything that is using distributed ledger technology, whether you call it crypto, assets, currencies, or whatever … that is clearly shaking the system.” Read More...

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