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."

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.

Advertisement - Article continues below
Advertisement - Article continues below

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.

"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."

Advertisement - Article continues below

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

Digitally perfecting the supply chain

How new technologies are being leveraged to transform the manufacturing supply chain

Download now

Three keys to maximise application migration and modernisation success

Harness the benefits that modernised applications can offer

Download now

Your enterprise cloud solutions guide

Infrastructure designed to meet your company's IT needs for next-generation cloud applications

Download now

The 3 approaches of Breach and Attack Simulation technologies

A guide to the nuances of BAS, helping you stay one step ahead of cyber criminals

Download now


Business strategy

Six ways boards can step up support for cyber security

27 Jan 2020
chief information officer (CIO)

CIOs are taking their seat at the boardroom table

17 Jan 2020
Business strategy

CIO job description: What does a CIO do?

7 Jan 2020
Careers & training

IT manager job description: What does an IT manager do?

28 Oct 2019

Most Popular

operating systems

17 Windows 10 problems - and how to fix them

13 Jan 2020
data breaches

Misconfigured security command exposes 250 million Microsoft customer records

23 Jan 2020
Microsoft Windows

What to do if you're still running Windows 7

14 Jan 2020

Windows 10 and the tools for agile working

20 Jan 2020