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Sunday September 26, 2021


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10,000 jobs could be lost to robots says CitiBank...



CitiBank has warned that it could shed half of its 20,000 tech and ops staff in the next five years due to the rise of robotics and automation.

The prediction was made by the president and chief executive of the bank's institutional clients group, Jamie Forese.

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.

Forese's 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.





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