Citigroup’s investment bank is expected to automate as many as 10,000 jobs in the next 5 years, according to a senior executive of the bank. Jamie Forese, CEO of the bank’s international clients’ group, said technology and operational positions were the ‘most fertile for machine processing,’ and the bank could cut nearly half of its 20,000 operational positions as machines supplant humans at a faster pace. However, the bank would have to hire people in other areas like sales and research, he added. Forese said what people are doing, the type of work being done by the human rather than the machine will change.
