For almost eight years, Michelle Owens has occupied one of those jobs. Few sectors are as affected by consolidation and technology as the banking industry, which has gone from tellers to ATM to Internet banking in almost no time at all. To compete in the new world, banks are buying each other to spread technological and other costs across a broader and broader customer base. The banking reform bill should make the creation of financial superstores easier. However, it would also allow securities firms to buy banks for the first time.
Banks can buy securities firms under current rules.
It's also creating an industry with very large banks at the top and small ones at the bottom and fewer mid-sized banks. The sector is relatively healthy. The amount of money banks hold is increasing and profits are rising. But mergers and technological changes are also crimping employment. According to the BLS, banks employed more than two million wage and salaried workers, making it the largest of the finance, insurance and real estates sectors in terms of manpower.