The Financial Times reports Citi Issues Stark Warning on Automation of Bank Jobs.
Citigroup has 20,000 technology and operations staff. That about 40% of the banks total number of employees. Those jobs are at risk.
In an FT interview, Jamie Forese, Citi president, commented "We've got 20,000 operational roles. Over the next five years could you make it 10,000?"
Deutsche Bank Wants to Chop Half of Its 97,000 Headcount
In a separate FT interview last year, Deutsche Bank CEO commented on the need to Cut Tens of Thousands of Jobs.