Bank CEOs Says Robots Can Replace Half of Citigroup and Deutsche Bank Employees

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by Mish Shedlock, The Maven:

Investment bank CEOs believe machines will take over ‘lower-value tasks’. 50% of employees are at risk.

In an FT interview, Jamie Forese, Citi president, commented “We’ve got 20,000 operational roles. Over the next five years could you make it 10,000?”

Deutsche Bank Wants to Chop Half of Its 97,000 Headcount

In a separate FT interview last year, Deutsche Bank CEO commented on the need to Cut Tens of Thousands of Jobs.

“We employ 97,000 people,” John Cryan told the Financial Times. “Most big peers have more like half that number.”

“We’re too manual, which can make you error-prone and it makes you inefficient. There’s a lot of machine learning and mechanisation that we can do.”

Read More @ TheMaven.net