Robots could replace 48,000 Deutsche Bank employees who are too ‘error-prone’

Robots could replace 48,000 Deutsche Bank employees who are too ‘error-prone’

It's one of the biggest banks in the world, but it seems that tens of thousands of jobs at Deutsche Bank are at risk of being taken – by robots. John

It’s one of the biggest banks in the world, but it seems that tens of thousands of jobs at Deutsche Bank are at risk of being taken – by robots.

John Cryan, CEO of Deutsche Bank says that current workers are too ‘error-prone’ and ‘inefficient.’

Over the next three years, the firm plans to implement more ‘machine learning and mechanisation’ in the hopes of keeping up with its rivals.

John Cryan, CEO of Deutsche Bank says that current workers are too ‘error-prone’ and ‘inefficient.’ Over the next three years, the firm plans to implement more ‘machine learning and mechanisation’ in the hopes of keeping up with its rivals.

A study by Pew Research found that:

– Three-quarters of Americans say it is ‘somewhat realistic’ that robots will eventually perform most jobs

– More than half said that fast food workers, insurance claims processors and legal clerks will be mostly replaced by robots

– Nearly two-thirds think that most retailers will be fully automated in 20 years

– Six per cent of the respondents said that they themselves have either lost a job or seen their hours or incomes cut because of automation

– Nearly half of those respondents say that technology has made it harder for them to advance in their careers

– Younger workers were the most likely to say that automation had cost them a job or income

– Most Americans said they would not ride in a driverless car

Mr Cryan spoke to the Financial Times about his plans to bring more technology into the company.

He said: ‘We employ 97,000 people. Most big peers have more like half that number.’

In 2015, Deutsche Bank announced that it was making 9,000 job cuts over the next five years, and so far the firm has made about 4,000 of these.

Mr Cryan said that the additional cuts would come through using technology to make processes more efficient.

He said: ‘There we’ve got the most to gain.

‘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.’

Mr Cryan added that the proportion of people in front office versus back office was ‘out of kilter.’

He said: ‘Every bank at the moment has a huge and burgeoning department of people who are doing the same stuff.’

This article appeared in The Daily Mail. 

 

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