Citigroup Inc’s investment banking business could cut half of its 20,000 technology and operations job in the next five years due to automation, Financial Times reported.
“Operational positions were the most fertile for machine processing,” the FT reported, citing Jamie Forese, chief executive officer of the bank’s institutional clients group.
Under tremendous pressure from investors to boost profits, but unable to grow revenue much, banks have increasingly turned to technology to reduce costs.
