AI and robotics to change the face — and figures — of banking, says CEO
Vikram Pandit, who formerly ran Citigroup, says technology could see 30% of banking jobs disappear; others say it’ll see more staff employed
Singapore — Vikram Pandit, who ran Citigroup from 2007 to 2012, during the financial crisis, said developments in technology could see some 30% 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 said on Wednesday in an interview with Bloomberg Television in Singapore. He’s now CEO of Orogen Group, an investment firm he co-founded last year. "Everything that happens with artificial intelligence, robotics and natural language — all of that is going to make processes easier. " he said. "It’s going to change the back office." Wall Street’s biggest firms are using technologies, including machine learning and cloud computing, to automate their operations, forcing many employees to adapt or find new positions. Bank of America’s chief operating officer Tom Montag said in June that the firm will keep cutting costs by finding more ways technology can replace people. While Pandit’s f...
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