Top firm CEO says tech advances could eventually account for 30% of jobs

Axe In Wood

'We see a lot of contraction in the number of people in our industry'.

UBS could employ around 30% fewer staff in a decade as technological advances change banking, Chief Executive Officer Sergio Ermotti said in an interview with Bloomberg Markets.

“We see a lot of contraction in the number of people in our industry," he said. UBS, the world’s largest wealth manager, could shrink by that measure, including contractors, “but the jobs are going to be much more interesting jobs, where the human content is crucial to the delivery of the service," he said.

Bloomberg News reported last month that Vikam Pandit, who ran Citigroup during the financial crisis, also 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.

UBS May Employ 30% Fewer Staff in 10 Years, Sergio Ermotti Says

Pandit Says 30% of Bank Jobs May Disappear in Next Five Years

 

 

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts