As routine work moves elsewhere, the room full of desks is being redesigned for the parts that are left. What began as a niche conversation has, over the past few weeks, moved firmly into the mainstream, and the people closest to it say the shift is only beginning.
The reporting here draws on interviews with more than a dozen people across the industry, most of whom asked not to be named because they were not authorised to speak publicly.
What is actually happening
For all the noise, the underlying story is simple. A handful of decisions made quietly over the last year are now producing visible effects, and the pace of change has caught even seasoned observers off guard.
“We spent a decade preparing for this and it still arrived faster than we expected.”a person with direct knowledge of the plans
Why it matters
The consequences reach well beyond the sector itself. Analysts point to knock-on effects for consumers, regulators and the broader public conversation about how much trust to place in institutions that move this quickly.
What comes next is genuinely uncertain. The optimistic case and the cautionary one both have serious people behind them, and the gap between them is unlikely to close soon.
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