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.

The prediction was made by the president and chief executive of the bank's institutional clients group, Jamie Forese, who was interviewd by the Financial Times (FT). The 20,000 operational staff account for more than 40% of the bank's total employees and are "most fertile for machine processing" according to Forese. He is not the first to forecast mass job losses as a result of automation. Deutsche Bank boss John Cryan issued a similar warning in 2017, suggesting half of its workforce could be replaced by robots. Meanwhile a 2016 report from the World Economic Forum predicted that advances in automation will lead to the loss of over 5 million jobs in 15 major developed and emerging economies by 2020.

Citigroup's investment bank could automate as many as 10,000 jobs within the next five years, a chilling forecast warns. Technology and operational positions were the'most fertile for machine processing,' according to Jamie Forese, chief executive officer of the bank's institutional clients group. Forese suggested to the Financial Times that the company would shed up to half its 20,000 operational positions as machines supplant humans at a faster pace. 'We've got 20,000 operational roles. Over the next five years could you make it 10,000?'

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.