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News - Humans or Robots?

Former Citigroup CEO Vikram Pandit recently mentioned that we could lose 30% of bank jobs within just the next 5 years.

The Indian-American speaking to Bloomberg Television told that the onslaught of automation, artificial intelligence and the arrival of robots will change the way things are done in back offices. All routine work will be done via automation and new age software.

"I see a banking world going from large financial institutions to one that's a little bit more decentralized," Vikram Pandit told to Haslinda Amin from Bloomberg. A March 2016 report from Citigroup had also said that 30% of jobs will be lost. While Pandit gave a time range of 5 years, the CITI report had given an estimate of 10 years.

Pandit had worked at Citigroup for 5 years before resigning in 2012. He is now the CEO of Orogen Group, a private equity firm founded by him.

Citigroup starting Smart Automation Centre :

A July report had mentioned that New York based Citigroup was starting a new Smart Automation Centre with a range of employees who would look after the automation wave hitting the bank jobs. One of the job postings for the centre told, "Must be entrepreneurial, and thrive in environments with a blank canvas that will allow you to flex your intellectual muscle to contribute to building a strategy from the ground up."

Other high profile employees in the field of finance are also speaking about the loss of jobs with the incoming wave of automation and robotics. Goldman Sachs' and JPMorgan are 2 more companies who are working at automating some of their functions.

"I don't want to get blindsided. It's less the technology, as such, providing a transformative element in the banking industry," told Swiss Bank UBS CEO Axel Lehmann in a Business Insider interview, last month.
"It's really alternative business models that has the potential to shake up everything and eat into our cake."


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