Deutsche Bank CEO John Cryan, who has been planning a “big number” of job cuts at the German lender, thinks robots could replace a large chunk of its workforce. Cryan has already cut thousands of jobs as part of a five-year restructuring plan, and he hinted in a Financial Times interview (paywall) that he’s ready to cut much deeper by using technology like artificial intelligence and machine learning to automate banking tasks.
The bank currently employs 97,000 people, but in a telling comment, Cryan noted that Deutsche Bank’s main rivals have about half that number on their payroll. He told the FT that the ratio of sales and trading roles to back office staff was “out of kilter,” and that the bank’s processes were far too manual and error-prone. He is also looking to close bank branches as part of the restructuring.
The rest of the financial industry is struggling with similar …