'It’s going to change the back office'.
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 CEO from 2007 to 2012. “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 the firm will keep cutting costs by finding more ways technology can replace people.
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