10,000 tech and ops jobs could eventually go.
The Financial Times reports that Citigroup’s investment bank has suggested that it will shed up to half of its 20,000 technology and operations staff in the next five years, as machines supplant humans at a faster pace.
The forecast by Jamie Forese, president of Citi and chief executive of the bank’s institutional clients group, was the starkest among investment banking bosses in a series of FT interviews to mark the 10th anniversary of the financial crisis.
Forese said the operational positions, which make up almost two-fifths of investment bank employees at Citi, were “most fertile for machine processing”.
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