No this isn't Jamie Dimon popping off although he thinks that banks will create more jobs in the future. Of course, after reading his forecast on Bitcoin yesterday, perhaps he isn't the best person to listen to.
Yesterday I wrote a post detailing what the Deutsche Bank’s CEO said last week about the impending job losses at his bank.
In an interview on Wednesday, Vikram Pandit, the ex-CEO of Citigroup stated that he sees the banking industry losing 1/3 its' jobs in the next 5 years. This was similar to a forecast he made in 2016 although he did move the timeline up. This total is approximately 770,000 jobs in the US and 1M in Europe.
What is interesting is that in June, an executive at Bank of America said something similar:
"Bank of America’s chief operating officer Tom Montag said in June that the firm will keep cutting costs by finding more ways technology can replace people."
So far that we have high ranking individuals associated with Deutsche Bank, Citigroup, and Bank of America saying the same thing. Quite simply, they are looking at eliminating jobs as soon as possible. This is their goal and they will achieve it. Bet the ranch on that one.
For more of the article: https://www.businesslive.co.za/bd/companies/2017-09-13-ai-and-robotics-to-change-the-face--and-figures--of-banking-says-ceo/
