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Ex-Citi CEO Pandit says 30% of bank jobs at risk from technology
[SINGAPORE] Vikram Pandit, who ran Citigroup Inc during the financial crisis, said developments in technology could see some 30 per cent of banking jobs disappearing in the next five years.
Developments in artificial intelligence and robotics reduces the need for staff in some roles such as back-office functions, Mr Pandit, 60, said Wednesday in an interview with Bloomberg Television's Haslinda Amin in Singapore. He's now chief executive officer of Orogen Group, an investment firm that he co-founded last year.
"Everything that happens with artificial intelligence, robotics and natural language - all of that is going to make processes easier," said Mr Pandit, who was Citigroup's chief executive officer from 2007 to 2012.
"It's going to change the back office."
Since leaving Citigroup, Mr Pandit has invested in non-bank financial startups such as student-loan venture CommonBond Inc and home equity finance firm Point Digital Finance Inc. He formed New York-based Orogen last year with investment firm Atairos Group to acquire stakes in mature financial-services companies.