The Corner

Economy & Business

Automation: Meat Grinder Update

Bloomberg:

Vikram Pandit, who ran Citigroup Inc. during the financial crisis, said developments in technology could see some 30 percent of banking jobs disappearing in the next five years. Artificial intelligence and robotics reduce the need for staff in roles such as back-office functions, Pandit, 60, said Wednesday in an interview with Bloomberg Television’s Haslinda Amin in Singapore. He’s now chief executive officer of Orogen Group, an investment firm that he co-founded last year.

“Everything that happens with artificial intelligence, robotics and natural language — all of that is going to make processes easier,” said Pandit, who was Citigroup’s chief executive officer from 2007 to 2012. “It’s going to change the back office.”

… While Pandit’s forecast for job losses is in step with one made by Citigroup last year, his timeline is more aggressive. In a March 2016 report, the lender estimated a 30 percent reduction between 2015 and 2025, mainly due to automation in retail banking. That would see full-time jobs drop by 770,000 in the U.S. and by about 1 million in Europe, Citigroup said.

This is nothing to worry about, of course: I’m sure these (mainly) middle-income workers will quickly find equally well-paid work elsewhere. #RollsEyes

Most Popular

Culture

The Hedges of the Garden of Liberty

EDITOR’S NOTE: The following is Jonah Goldberg’s weekly “news”letter, the G-File. Subscribe here to get the G-File delivered to your inbox on Fridays. Dear Reader (Including Emmett Flood, who won’t stop attending my meetings), Let’s say for the sake of argument that Joe Blow (not his real name) ... Read More
PC Culture

Political Correctness at Stanford Law

Nestled in the heart of what is now Silicon Valley, the Leland Stanford Junior University was, for much of its hundred-plus-year history, lightly regarded as a playground for the idle rich. To the extent that Stanford bore any resemblance to its aspirational cousins on the East Coast, it was to their previous ... Read More