Deutsche Bank’s (NYSE:DB) Chief Executive John Cryan has been one of the company’s biggest proponents of job cuts over the past few years. However, the lender’s remaining 100,000 personnel may be facing a new threat from an unlikely source – robots.
Since late 2015, Deutsche Bank has embarked on a broad cost-cutting measure that has seen thousands of jobs gutted in a bid to restore profitability. Not unlike its industry rivals, the banking sector has been one of the hardest hit with profitability and revenues taking a recent dive – deep cuts have been viewed as a possible panacea.
In parallel to this, Deutsche Bank and other lenders have been pursuing a variety of technological approaches and innovative strategies to help disrupt traditional banking. An unforeseen consequence may be further cuts to personnel because of a growing reliance on robotic employees.
Robots have several advantages over humans, especially when conducting even rudimentary cost-benefit analysis. For a business intent on profits and answering to its shareholders, the idea of no bonuses, no healthcare, and minimal considerations is quite appealing. At a recent banking event in Frankfurt, Mr. Cryan suggested that a large number of his current staff could be replaced by robots and that it was important to not impede this progress.
"We have to find new ways of employing people and maybe people need to find new ways of spending their time,” he commented in a recent report by the FT. Despite the sobering commentary, he did not explain any details of how many or precisely which jobs were in the crosshairs, only suggesting it would be a large number.
In order to sift for clues one only has to look at which jobs have already been cut en masse – this includes back-office, IT, and other traditional branch jobs. A future that includes robotic tellers at banks could be closer than some think however, especially if Deutsche Bank and other lenders are hell-bent on such a finality or invest strongly in this direction.
Mr. Cryan’s comments echoed a 2016 report from the World Economic Forum, which had predicted that Automation in the banking industry would result in the loss of 5 million jobs by 2020. This could be unwelcome news for banking employees looking to survive the job cuts.
Deutsche Bank’s (NYSE:DB) Chief Executive John Cryan has been one of the company’s biggest proponents of job cuts over the past few years. However, the lender’s remaining 100,000 personnel may be facing a new threat from an unlikely source – robots.
Since late 2015, Deutsche Bank has embarked on a broad cost-cutting measure that has seen thousands of jobs gutted in a bid to restore profitability. Not unlike its industry rivals, the banking sector has been one of the hardest hit with profitability and revenues taking a recent dive – deep cuts have been viewed as a possible panacea.
In parallel to this, Deutsche Bank and other lenders have been pursuing a variety of technological approaches and innovative strategies to help disrupt traditional banking. An unforeseen consequence may be further cuts to personnel because of a growing reliance on robotic employees.
Robots have several advantages over humans, especially when conducting even rudimentary cost-benefit analysis. For a business intent on profits and answering to its shareholders, the idea of no bonuses, no healthcare, and minimal considerations is quite appealing. At a recent banking event in Frankfurt, Mr. Cryan suggested that a large number of his current staff could be replaced by robots and that it was important to not impede this progress.
"We have to find new ways of employing people and maybe people need to find new ways of spending their time,” he commented in a recent report by the FT. Despite the sobering commentary, he did not explain any details of how many or precisely which jobs were in the crosshairs, only suggesting it would be a large number.
In order to sift for clues one only has to look at which jobs have already been cut en masse – this includes back-office, IT, and other traditional branch jobs. A future that includes robotic tellers at banks could be closer than some think however, especially if Deutsche Bank and other lenders are hell-bent on such a finality or invest strongly in this direction.
Mr. Cryan’s comments echoed a 2016 report from the World Economic Forum, which had predicted that Automation in the banking industry would result in the loss of 5 million jobs by 2020. This could be unwelcome news for banking employees looking to survive the job cuts.
FX Volatility Impacts Q1 Revenue of Compagnie Financière Tradition
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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