Bloomberg: Pandit says 30% of bank jobs may disappear in the next five years

Vikram Pandit, who ran Citigroup Inc. during the financial crisis, said developments in technology could see some 30 percent of banking jobs disappearing in the next five years.

Artificial intelligence and robotics reduce the need for staff in roles such as back-office functions, Pandit, 60, said Wednesday in an interview with Bloomberg Television’s Haslinda Amin in Singapore. He’s now chief executive officer of Orogen Group, an investment firm that he co-founded last year.

“Everything that happens with artificial intelligence, robotics and natural language — all of that is going to make processes easier,” said Pandit, who was Citigroup’s chief executive officer from 2007 to 2012. “It’s going to change the back office.”

For the full text of the article, click here.

Related Posts

Previous Post
Cost optimisation challenges for asset managers in 2017
Next Post
ESMA publishes responses to CSDR internalized settlement reporting consultation

Fill out this field
Fill out this field
Please enter a valid email address.

X

Reset password

Create an account