GERMAN BANK REPLACES 18,000 WORKERS WITH A.I. BOTS

If you have kids train them to do something robots and A.I. can't do before it's too late. 

Yes, I know that doesn't leave much. 

The hard truth is that jobs that were formerly regarded as "human" are disappearing at an accelerating rate into the Black Hole of automation, including banking jobs.

As reported by Pulse 2.0:

This past summer, Deutsche Bank CEO Christian Sewing said that the company was planning to cut 18,000 staff members. To help offset the loss in staff members, Deutsche Bank is deploying machine learning technology to increase productivity and redistribute capacity.

Mark Matthews, the Head of Operations of the Corporate Investment Bank at Deutsche, told Financial News [pay wall] that the plan is to automate large parts of the back-office through an initiative called “Operations 4.0” Operations 4.0 is targeting $6.6 billion in savings over 3 years. The cost savings includes the shutdown of the company’s equity sales and trading unit.

Machine learning tools have saved Deutsche Bank about “680,000 hours of manual work” said Matthews in an interview with FN. Plus the company has also used bots to process 5 million transactions in its corporate bank and it performed 3.4 million checks within the investment bank.

So what kind of jobs are relatively safe from the automation tsunami -- at least for now?

Deutsche Bank is keeping large portions of the research division at the company as it axes the derivatives and equities trading. The research division is being kept largely intact since it is low risk and operationally stable for the company.

What jobs are bot proof? Are any? Those will be the most important questions of the next hundred years.

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