Deutsche Bank claims that it will use artificial intelligence and “robots” to achieve its goal of terminating 18,000 employees.
According to a report by Business Insider, Deutsche Bank claims that it will use robots to replace a significant portion of its workforce over the next several years. The multinational investment bank has already terminated 1,000 employees since July. They have suspended 4,000 positions overall since the beginning of the year.
Mark Matthews, head of operations for Deutsche’s corporate and investment bank, told Business Insider that the changes will kill 18,000 jobs over the next three years. He claimed that the cuts that have already occurred this year have prevented 680,000 hours of manual work. Matthews said that Deutsche Bank has used “bots to process 5 million transactions in its corporate bank and perform 3.4 million checks within its investment bank.”
“It [headcount] will continue to go down, there’s no question about that,” Matthews said in a short comment to Business Insider. “Our model is to reduce costs and, at the same time, improve our control environment and the client experience.”
Breitbart News reported in July that Northeastern University President Joseph Aoun forecasted this year that artificial intelligence will wipe out 50 percent of American jobs.
“The new literacies of Aoun’s humanics are data literacy, technological literacy, and human literacy,” Auon wrote in a recently published book. “Students will need data literacy to manage the flow of big data, and technological literacy to know how their machines work, but human literacy —the humanities, communication, and design — to function as a human being.”
Stay tuned to Breitbart News for more updates on this story.