New technologies will reduce bank workforce by 30%

Vikram Pandit, former head of Citigroup financial corporation, believes that, in the next five years, automation, artificial intelligence and machine learning are expected to significantly reduce the need for human resources in the banking sector by as much as 30%. For example, Bank of America is continually examining technologies such as computer training and cloud computing, which will allow the bank to reduce costs by replacing employees.

A recent report by Citigroup found that, by the year 2025, employment in the banking sector is expected to fall to 770,000 full-time jobs in the United States and 1,000,000 full-time jobs in Europe.