Banking jobs could see their biggest reduction in history. Plus: A crackdown on ESG labels, Google's banking U-turn, and more

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Bankers beware? Tech is coming

Banking jobs may soon experience their?biggest reduction in history as automation and other technological improvements take hold, according to a new analysis by Wells Fargo. Technology experts "play an increasingly important role inside the world’s largest financial institutions," writes Bloomberg, and their products could replace workers from branch employees to back-office corporate staff to call-center teams, according to the analysts' 110-page report. The trend is global and, in the U.S., may impact?100,000 jobs?over the next five years. Software developers "are the new bankers," the analysts wrote. ?? Here's what people are saying.

Fund managers shed ESG buzzword

In a trend that's now reaching America, European asset managers have begun?shedding the term "ESG integration" from their public documents. Regulators there are cracking down on "vague descriptions" of environmental, social, and governance investing. The new?anti-greenwashing rules?have pushed fund managers to cut back on their use of ESG labels, which one sustainability researcher says could "bring more clarity as to what all those funds are doing." ?? Here's what people are saying.

Google pulls plug on banking

Google is?pulling back on plans?to offer banking services directly to users, sending its Plex accounts to the graveyard. The idea was to allow customers to open bank accounts on the Google Pay app as part of a partnership between the tech giant and financial institutions. Plex accounts were set to debut last year, but the program suffered a series of setbacks, including the departure of the executive who spearheaded it. ?? Here's what people are saying.

Powell: Fed trades under review

Federal Reserve Chair Jerome Powell?said in a Senate banking committee hearing?that trades made by Robert Kaplan of the Dallas Fed and Eric Rosengren of the Boston Fed,?who announced they are exiting their roles, are under legal review. Powell "expressed displeasure" in learning both were actively trading while helping set monetary policy. In separate statements earlier, Kaplan cited the "distraction" of his financial disclosures, while Rosengren said he has a worsening kidney condition. ?? Here's what people are saying.

• Judges' financial conflicts under scrutiny: A Wall Street Journal probe found that one of every five federal judges holding stock or whose families held stock in a particular company oversaw cases involving it — a violation of U.S. law and judicial ethics. Two-thirds of the cases resulted in rulings that favored the financial interests of the judges or their families, according to the investigation.

Evergrande misses more payments

Debt-laden Evergrande has missed yet another bond payment — this time?a $46 million interest payment?for an offshore bond,?reports Reuters.?Having already not paid up for another offshore bond deadline the previous week, the latest development has continued to stoke fears around the world that the company could collapse from a default, resulting in?global financial contagion. Its debt crisis has?led to protests?and fallout extending far beyond China. ?? Here's what people are saying.

Robinhood to launch college blitz

Online broker Robinhood is going after?"young money,"?wooing first-time investors by touring college coffee shops this fall.?The New York Times reports?the effort is reminiscent of credit card companies' on-campus efforts to sign up new cardholders a generation ago, which eventually led to?legislative protections?for young borrowers. Skeptics point to hefty fines Robinhood has paid for allegedly misleading customers, and some have?suffered "devastating" losses. Still, Robinhood maintains it wants to "educate and empower" newer investors. ?? Here's what people are saying.

'Salomon Sisters' to hit Wall Street

Wall Street could soon be making room for a new investment bank owned and managed by women and minorities. Codenamed "Salomon Sisters," as a riff on Salomon Brothers, Independence Point Advisors will be spearheaded by veteran banking executive Anne Clarke Wolff, with minority backing expected from Lazard,?reports Bloomberg. It's aiming to challenge Wall Street rivals while filling gaps they overlook, per unnamed sources, advising on governance, risk management, and hiring and retention during a "transformative" time for the industry. ?? Here's what people are saying.

Wall Street moms on return to office

Women are making meaningful strides at work, but there are still too few of them in leadership roles, and pandemic-fueled burnout is getting worse, according to new?research by McKinsey and LeanIn.org. The report also makes clear that "gains in representation for women overall haven't translated to gains for women of color." Business Insider spoke with five?"Wall Street moms"?who say the increased flexibility to work from home or the office is "the best of both worlds" and keeps their mental health in check. ?? Here's what people are saying.

Home affordability gets even tougher

First-time homebuyers are confronting a harsh reality: Affordability is at its worst level since the 2008 financial crisis, per?The Wall Street Journal, with "supercharged" home prices chipping away at slightly higher wages and low interest rates. According to the Atlanta Fed, 32.1% of median U.S. household incomes go toward mortgage payments, the most since late 2008. Meanwhile, amid soaring prices and tight inventory,?Bloomberg reports?sales are spiking in Hoboken, N.J., as New York City-area homebuyers get priced out of other suburbs. ?? Here's what people are saying.

• Moves to cool a hot property market: Australia's federal treasurer and financial regulators are considering a suite of financial restrictions on home loans to stem the rising debt-to-income ratios caused by soaring real estate prices. New residential mortgage loans where debt is at least six times greater than income jumped to a record 22% in the quarter ended June 30, from 16% a year earlier.
• Who's winning the housing market?: People who already own homes are flooding the market, Bloomberg reports, leveraging surging home prices and declining mortgage rates to borrow against one property to buy a new one. Some are using it as an investment opportunity to boost their retirement funds, forcing many first-time homebuyers to resort to renting even as rent prices climb.

'Pandora Papers' expose secret riches

An unprecedented two-year investigation called the Pandora Papers is lifting the veil on an offshore "shadow economy" that benefits the ultra-wealthy and well connected by "shielding billions from taxes, probes and accountability," reports The Washington Post. Close to 12 million leaked files obtained by the International Consortium of Investigative Journalists?include information on 35 current and former world leaders, more than 300 public officials, and "a global lineup of fugitives, con artists and murderers." ?? Here's what people are saying.

Barra to head Business Roundtable

General Motors' Mary Barra, the first female CEO of a major global automaker, will again make history as the?first woman to chair the Business Roundtable, the highly influential alliance of top U.S. executives. Her fellow CEOs elected her to the post, and she will?succeed Walmart CEO Doug McMillon in January. Following the vote, Barra acknowledged McMillon's pandemic-era leadership in a?LinkedIn post, and she vowed to keep working to "help advance policies that benefit all Americans." ?? Here's what people are saying.

With?Gianna Prudente, Kelli Nguyen, Andrew Murfett, Cate Chapman, Yunita Ong, and Cathy Anderson.

What's your take on the week's news and other developments impacting you or your business? Join the conversation in the comments below.