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

The Financial Times reports Citi Issues Stark Warning on Automation of Bank Jobs.

Citigroup has 20,000 technology and operations staff. That about 40% of the banks total number of employees. Those jobs 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.”

Cuts Coming

Cuts are coming and those are not all low-paying jobs.