Federal Regulations Have Forced Lower-Skilled Workers Out of Banking Jobs.
And favored the biggest banks.
There is a common misunderstanding that banking is an industry like others, part of the broad market. At this point it is so highly regulated that it is really part of the government itself. And government regulators prefer to work with a few giant firms as partners.
(From Reason)
“Financial services firms may have sought to ‘escape’ regulatory exposure by hiring STEM workers who could automate more tasks and pursue activities outside the scope of existing regulation,” the report concludes.
Older, more established firms have the ability to weather more of these expensive new regulations. Big banks have the resources to hire the legal teams that let them dodge regulatory restrictions while smaller ones don’t.
This article was originally posted here: https://www.ac2news.com/2020/10/federal-regulations-have-forced-lower-skilled-workers-out-of-banking-jobs/.
