Moneycontrol
Sep 14, 2017 10:49 AM IST | Source: Moneycontrol.com

30% bank jobs to go obsolete in 5 years, says Citi's ex-CEO Vikram Pandit

The largest firms on Wall Street have already begun to explore such opportunities, which are causing many employees to adapt to the new technologies or find new job profiles.

Developments in the technology could lead to loss of 30 percent bank jobs over next five years, Vikram Pandit, former CEO of Citigroup said.

According to a Bloomberg report, Pandit (60), currently the Chief Executive Officer (CEO) of the investment firm Orogen Group, said that developments taking place in the realm of Artificial Intelligence and robotics will take over a majority of the back-office functions in banks in coming years.

The largest firms on Wall Street have already begun to explore such opportunities, which are causing many employees to adapt to the new technologies or find new job profiles.

The Citi Group had also estimated a similar outcome for the back-end processes in FinTech. However, Pandit’s timeline seems steeper as compared to the Citi report released in 2016, which stated that between 2015 to 2025, there will be a 30 percent reduction in jobs due to the automation in retail banking. This number would be close to 770,000 in the United States and 1 million in Europe.

An earlier report stated that Bank of America’s Tom Montag said that the bank will continue to invest in technologies that can take over jobs handled by people.

Like many others, Pandit believes that there will be intense competition in the sector, which will make space for the employability of a “specialist” branch of people.
Sections
Follow us on
Available On