Robots Could Risk the Jobs of Nearly 100,000 Deutsche Bank Employees

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It’s been said for awhile that robots could steal many jobs and Deutsch Bank CEO John Cyran may agree.

The CEO has suggested that technology such as robots could lead to major layoffs at the company.

He told the Financial Times, “We employ 97,000 people. Most big peers have more like half that number.”

“We’re too manual, which can make you error-prone and it makes you inefficient. There’s a lot of machine learning and mechanization that we can do,” he explained.

It was in 2015 that Deutsche Bank announced it was planning on cutting 9,000 employees in a five year restructuring plan. Of this goal, so far 4,000 jobs have been slashed. According to Cyran, it’ll be technology that assists in
helping cut the rest of the jobs.

According to Oxford University researchers, 47% of the jobs in the United States may be replaced by robots, automated technology and automated intelligence within twenty years.

Tesla’s CEO Elon Musk has even said to the National Governors Association, “AI is a fundamental risk to the existence of human civilization.”

Cyran has said, “We have to find new ways of employing people and maybe people need to find new ways of spending their time. The truthful answer is we won’t need as many people.”

“The truth is if I went to a load of branches, I’d wait quite a lot of the day before I encountered [any] customers,” he says. “They just don’t come in as often as they used to.”

Disclaimer: We have no position in Deutsche Bank AG (USA) (NYSE: DB) and have not been compensated for this article.