Deutsche Bank CEO Expects To See Massive Layoffs In Banking Sector Due To Automation

Deutsche Bank CEO CEO John Cryan expects to see massive layoffs in the banking sector due to automation according to an interview with CNBC. (Photo Credit: Steve Jurvetson)

Deutsche Bank CEO CEO John Cryan expects to see massive layoffs in the banking sector due to automation according to an interview with CNBC.

Technology threatens jobs in many industries, but one bank chief is already predicting that "a lot of people" in his industry will see their roles taken by automation in the next five to 10 years. The banking sector, he said unequivocally, will see many of its current roles automated.

In fact, Cryan said, "it would be inappropriate not to say that's the case — it's not specific to our bank, in fact it's a sector-wide phenomenon." With all of that change on the horizon, it's "very hard to say" just how many jobs will be lost, Cryan said, emphasizing that he wasn't just trying to avoid the question.

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