Ex-Top firm CEO - Some 30% of banking jobs may disappear in the next 5 years

Hatchet

'It’s going to change the back office'.

Bloomberg News reports Vikram Pandit, who ran Citigroup Inc. 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, 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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Pandit Says 30% of Bank Jobs May Disappear in Next Five Years

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