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