Deutsche Bank CEO: Robots will replace thousands of jobs

"Abacus" jobs are at risk of automation, says German bank's boss

Deutsche Bank's CEO has admitted that robots and automation will likely lead to mass redundancies at the company.

John Cryan warned that a "big number" of staff working at his company will lose their jobs, as reported by The Guardian, adding: "The sad truth for the banking industry is, we wont need as many people as today."

Advertisement - Article continues below

Talking to an audience in Frankfurt, he said: "In our bank we have people doing work like robots. Tomorrow we will have robots behaving like people. It doesn't matter if we as a bank will participate in these changes or not, it is going to happen."

Cryan, who is currently restructuring the business, said accountants who "spend a lot of time basically being an abacus" would be replaced by machines.

Cryan also pointed at automation as a way to improve other jobs. He said it may take accountants three to four weeks to produce an account before they move on the other next one. "Wouldn't it be great, if machines could produce those numbers in just a few hours? Then accountants could analyse the numbers, form valid opinions what those numbers mean and not just produce them," he said.

When talking about how technological change will change banking, the Financial Times reported that the CEO said: "We have to find new ways of employing people and maybe people need to find new ways of spending their time.

Advertisement - Article continues below
Advertisement - Article continues below

"In our banks we have people behaving like robots doing mechanical things, tomorrow we're going to have robots behaving like people."

Cryan added: "We need to admit that what we had is nice but it's not necessarily for the future. We need more revolutionary spirit."

Cryan also highlighted that Frankfurt could benefit from Brexit as it has the regulatory capability, law firms, consultants and an international airport to persuade business away from London.

He stated: "For months there have been discussions regarding which location is set to profit the most once London is no longer within the European Union. I cannot fully understand this debate because as I see it, the race had already been won before it even began."

Cryan said Frankfurt is the only European city which can take on London's business, but it needs "more attractive, urban residential areas, enough international schools and a dozen additional theatres and a few hundred restaurants".

A report released last week found that investors think Brexit will have a negative effect on the value of UK tech firms, but that the long term future has a more positive outlook.

Image source: Bigstock

Featured Resources

Preparing for long-term remote working after COVID-19

Learn how to safely and securely enable your remote workforce

Download now

Cloud vs on-premise storage: What’s right for you?

Key considerations driving document storage decisions for businesses

Download now

Staying ahead of the game in the world of data

Create successful marketing campaigns by understanding your customers better

Download now

Transforming productivity

Solutions that facilitate work at full speed

Download now



What is an MSSP?

12 Jun 2020
Careers & training

What does a CISO do?

20 May 2020
Business strategy

Top 10 reasons to consider flexible working

18 Mar 2020
chief executive officer (CEO)

Western Digital hires Cisco’s David Goeckeler as its new CEO

6 Mar 2020

Most Popular

Business operations

Nvidia overtakes Intel as most valuable US chipmaker

9 Jul 2020

How to find RAM speed, size and type

24 Jun 2020
Google Android

Over two dozen Android apps found stealing user data

7 Jul 2020