Citibank will lay off 50% of its staff due to artificial intelligence, and how long the unemployed turmoil will last. In the era of artificial intelligence that may replace human work at any time, people should understand and value the future of their work, especially in the digital category. Industries, such as accounting, taxation, and toll stations, were the first group to be replaced by artificial intelligence. And the financial industry, which is full of numbers, will also be replaced by artificial intelligence. Now that CCB has already run trials, it has only security.
Citibank uses artificial intelligence
Citibank President Forese stated that the group will reduce 10,000 technical and operational personnel in the next five years. But he also said that he will hire new employees in other areas such as sales and research, because the type of human work will change.
In the financial sector, there are more and more examples of robots replacing humans. Recently, another large bank, Citi, stated that it will use robots in large quantities in the future to reduce the cost of human input. According to the Financial Times, Citigroup’s investment banking department stated that the group’s 20,000 technical and operational staff will be reduced by half within the next five years, which means that the layoffs may reach 50%.
Jamie Forese, Citigroup president and chief executive officer of the Banking Institutions Client Group, said that 40% of Citibank’s operational positions can be completely replaced by machines.
Tim Throsby, head of investment banking at Barclays Bank, also said that in the future there will be fewer employees earning more money and robots will take over "low-value services."
Earlier in the banking industry, the robot who shouted robots to replace humans was the former CEO of Deutsche Bank, John Cryan. He had laid off 4,000 people during his two years of service, and he hinted that the direction of layoffs will be directed at departments that can use technology to improve efficiency, because he believes that automation and other technologies can improve efficiency, replace manpower, and reduce costs.
To speed up the work process, the Swiss State Bank of St. Galler Kantonalbank AG introduced five software robots instead of seven employees in a pilot project. The bank is very satisfied with the test results and will further develop the task.
The transformation of the financial community
According to Opimas, a financial advisory body, by 2025, Wall Street will have 10% of investment bank positions replaced by AI, with about 230,000 people. Among them, asset management, securities services, sales and trading, wealth management and other business units will all be the focus of "slimming" objects.
In replacing routine day-to-day operations, robots will not only bring unemployment to the financial industry, but will also bring new opportunities. Forese added that while Citibank cuts its daily operations, it will hire new employees in other areas such as sales and research. He said that the type of human work will change.
Richard Gnodde, head of Goldman Sachs International, said that technology can create new business opportunities and ultimately create new jobs.
What other positions will be replaced by artificial intelligence?
In addition to bank employees, intensive work is about to be completely replaced. For example, build a car, mobile phone installation. Artificial intelligence can complete work more accurately and conveniently, and a robot can complete the work of several people, and the cost is much lower than the labor cost.
In addition to intensive laborers, there are also highly serviceable positions that have been replaced in recent years, such as express delivery, restaurant and hotel attendants, customer service, and electric sales. The first few of these positions can be completed by service robots because they only need to perform simple recording and service actions; and customer service and electric sales are based on intelligent voice to complete the corresponding services. Mikadi Robot has already completed the preliminary screening of electric sales and after-sales service of customer service, and it has saved about 80% of labor costs. It is believed that after several years Miccard Robots will be able to completely replace the existence of customer service and electric outlets with its industry-leading intelligent voice technology.
Then there is the doctor. At present, the medical community is constantly developing new medical devices to achieve more precise and convenient tailored medical services. Medical treatment is no longer just a matter that a highly skilled person can accomplish. With corresponding medical devices, it is entirely possible to be replaced by medical robots even in the future. It is expected that with the development of artificial intelligence, doctors will only have some high-end medical talent.
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