The Financial Times reports Citi Issues Stark Warning on Automation of Bank Jobs.

Citigroup has 20,000 technology and operations staff. That about 40% of the banks total number of employees. Those jobs are at risk.

In an FT interview, Jamie Forese, Citi president, commented “We’ve got 20,000 operational roles. Over the next five years could you make it 10,000?”

Deutsche Bank Wants to Chop Half of Its 97,000 Headcount

In a separate FT interview last year, Deutsche Bank CEO commented on the need to Cut Tens of Thousands of Jobs.

“We employ 97,000 people,” John Cryan told the Financial Times. “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 mechanisation that we can do.”

Cuts Coming

Cuts are coming and those are not all low-paying jobs.

Mike "Mish" Shedlock

Deutsche Bank to Replace 18,000 Workers with Robots

Deutsche Bank plans 18,000 jobs cuts in robot strategy called "Operations 4.0".

Last Chance for Deutsche Bank as 18,000 Employees Face the Axe

Deutsche Bank plans to shrink itself into competitiveness by slashing 18,000 Jobs. It's do or die for the bank.

America First, Dollar Last Says Deutsche Bank

Deutsche Bank says Trump's America First policy puts the dollar last. BMO predicts a flattish dollar.

Replacing Cashiers With Robots "Just Makes Sense" Jack-in-the-Box CEO

As minimum wages rise, so does the push to get rid of workers.

Robots at Boeing: Ex-Boeing Employee Chimes In On Robotics

In response to Humanoid Robots to Manufacture Planes, reader “XBE”, a 37-year ex-Boeing employee, pinged me with a few comments on robots and trends in the number of people it takes to build a plane.

Amazon Employees Hired and Fired by Robots

Robots at Amazon decide who gets a job. Based on performance algorithms, the robots also decide who gets fired.

Police Raid Deutsche Bank on Money Laundering Charges

A money-laundering probe stemming from the "Panama Papers" has led police to Deutsche Bank.

Ho Ho Ho It's magic: Deutsche Bank, Market Cap $14B to Spin Off $50B in assets

Deutsche Bank, with a market cap of under $14 billion looks to spin off $50+ billion in allegedly productive assets.

Meet “Aida”, the Perfect Banker (and a Robot): End of Branch Banks Coming

Sweden’s biggest banks are on a mission to get rid of branch banks and all the branch bank employees too.