Robots could replace as many as 10,000 human jobs at the banking giant Citi within five years, its president told the Financial Times. "We've got 20,000 operational roles. Over the next five years could you make it 10,000?" Jamie Forese, the president of Citi and chief executive of the bank's institutional clients group, told the Financial Times in an interview . Forese said the most likely areas for automation were in technology and operations, which accounts for almost 40% of the headcount at Citi's investment-banking arm.

Robots could replace as many as 10,000 human jobs at the banking giant Citi within five years, its president told the Financial Times. "We've got 20,000 operational roles. Over the next five years could you make it 10,000?" Jamie Forese, the president of Citi and chief executive of the bank's institutional clients group, told the Financial Times in an interview. Forese said the most likely areas for automation were in technology and operations, which accounts for almost 40% of the headcount at Citi's investment-banking arm.

Advances in artificial intelligence and automation could replace as many as half the nation's financial services workers over the next decade, industry experts say, but it's going to take a big investment to make that happen. James D'Arezzo, CEO of Glendale, Calif.-based Condusiv Technologies, says that's where things are headed. And the process will be complicated. "Unless banks deal with the performance issues that AI will cause for ultra-large databases, they will not be able to take the money gained by eliminating positions and spend it on the new services and products they will need in order to stay competitive," he said. Intensive hardware upgrades are often cited as an answer to the problem, but D'Arezzo said that's prohibitively expensive.

Advances in artificial intelligence and automation could replace as many as half the nation's financial services workers over the next decade, industry experts say, but it's going to take a big investment to make that happen. James D'Arezzo, CEO of Glendale-based Condusiv Technologies, says that's where things are headed. And the process will be complicated. "Unless banks deal with the performance issues that AI will cause for ultra-large databases, they will not be able to take the money gained by eliminating positions and spend it on the new services and products they will need in order to stay competitive," he said. Intensive hardware upgrades are often cited as an answer to the problem, but D'Arezzo said that's prohibitively expensive.

The threat that recent advances in job automation, machine learning and artificial intelligence (AI) represent for human workers is becoming more and more relevant in the economic and social debate. CEOs like John Cryan of Deutsche Bank clearly state that robots can replace thousands of workers. In two different interviews, Cryan said that "in our banks, we have people behaving like robots doing mechanical things. Tomorrow we're going to have robots behaving like people" and that "we're too manual, which can make you error-prone and it makes you inefficient. There's a lot of machine learning and mechanisation that we can do".

In September, Cryan told the Financial Times that many Deutsche accountants, for instance, could be replaced by simple technology. They "spend a lot of the time basically being an abacus," he said. Bill Gates and Mark Zuckerberg have urged people not to panic over increased reliance on AI technology, saying that fears about robots putting people out of work are overstated. But Cryan believes entire industries will be able to replace workers with robots, not just Deutsche Bank. "We have to find new ways of employing people and maybe people need to find new ways of spending their time," he said.

The chief executive of Deutsche Bank has issued a stark warning about the impact of technology, saying a "big number" of his staff will lose their jobs as robots take over. John Cryan told an audience in Frankfurt: "In our bank we have people doing work like robots. Tomorrow we will have robots behaving like people. It doesn't matter if we as a bank will participate in these changes or not, it is going to happen." He also referred to accountants inside the bank who "spend a lot of time basically being an abacus", who would also be replaced by machines.

Deutsche Bank - one of the world's largest financial institutions - is gearing up to replace a large chunk of its workforce with robots. CEO John Cryan warned today that a'big number' of people will lose their jobs at the firm as it automates to embrace its'revolutionary spirit.' The Frankfurt, Germany-based company employs 100,000 people globally, but it's unknown how many will be laid off and replaced by machines or when the overhaul will occur. Deutsche Bank - one of the world's largest financial institutions - is gearing up to replace a large chunk of its workforce with robots. A'big number' of the company's 100,000 employees will be replaced by machines Deutsche Bank - one of the world's largest financial institutions - is gearing up to replace a'big number' of its 100,000 employees with robots.

Cryan said that it was important for the bank to embrace a "revolutionary spirit" and warned that this would mean an end to an era where accountants acted like abacuses. "We have to find new ways of employing people and maybe people need to find new ways of spending their time," he said in comments reported by the Financial Times. Cryan did not elaborate on how many of the bank's 100,000 staff may lose their jobs to a robotic rival, other than to say it would be "a big number". And he hinted that those accountants acting like abacuses were most at risk. "The truthful answer is we won't need as many people…In our banks we have people behaving like robots doing mechanical things, tomorrow we're going to have robots behaving like people."

As investigations into Wells Fargo's systemic banking fraud continue, new findings show that retail branches were given notice of internal audits a day or three in advance of them taking place. This allowed for managers and employees to scrub, purge and modify documents and data, which, by most firsthand accounts, probably looked something like this. With new oversights and practices well underway at Wells Fargo, many banks are having a broader discussion of just what guaranteed transparency and compliance looks like beyond just throwing people and money at the situation. Many institutions are asking themselves, especially in the wake of the Wells Fargo mess, "What does the future of controls, compliance and processes look like?" The answer to this question, like so many others in a rapidly changing, operationally strained industry, is increasingly rooted in the adoption of technologies like automation and artificial intelligence (AI).