Nearly 10,000 Citibank employees to lose jobs as bank plans to introduce robots
File photo. Photograph: (Reuters)
According to reports, as many as 10,000 Citibank employees may lose jobs in the next five years as the company braces up to introduce automation and replace workers with robots.
Jamie Forese, Citibank's chief executive officer, Institutional Clients Group, notes that the company's technological and operational positions are most apt for mechanical processing.
Forese told the Financial Times that the company would slash up to half of its operational positions, however, it would continue to hire people for sales and research roles.
This is not the first time when an incident of robots and machines replacing manpower has surfaced, a Boston restaurant has already replaced staff with robots to serve nutritious, affordable meals.
A group of engineers from Massachusetts Institute of Technology (MIT) collaborated with Michelin-starred chef Daniel Boulud to bring to reality a one-of-a-kind restaurant that has replaced human staff with robots.
The co-founders note that as students they struggled to find decent meals at affordable prices. As robotics enthusiasts, they decided to work for creating meals that are cooked efficiently, quick to put together and affordable.
Robotics and technological innovations are set to eat up jobs in the coming future, as many as 800 million jobs in the coming decade, experts speculate.