Deutsche Bank has deployed several robots to replace humans as the bank is cutting on jobs and overhauling its business. The step is expected to save millions of dollars in costs for the bank. The bank has earlier announced that it is cutting down 18,000 jobs as part of the most drastic overhaul in the company’s 149-year history. The bank is aiming to automate large parts of its back office through a project called Operations 4.0. The bank has a €6 billion cost-saving target over the next three years. Mark Matthews, head of operations for the bank’s corporate and investment bank, said the use of robots – by which it means algorithms that automate back office processes – had massively increased productivity in the division and enabled it to redistribute capacity. The bank has so far used bots to process 5 million transactions in its corporate bank and perform 3.4 million checks within its investment bank. It has saved an estimated 680,000 hours of manual work, said Matthews.
