Pandit Says 30% of Bank Jobs May Disappear in Next Five Years
- Vikram Pandit says AI, robotics reduced need for some staff
- Pandit now CEO of New York-based investment firm Orogen Group
Pandit on Fintech, Banking Disruption
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Vikram Pandit, who ran Citigroup Inc. during the financial crisis, said developments in technology could see some 30 percent of banking jobs disappearing in the next five years.
Artificial intelligence and robotics reduce the need for staff in roles such as back-office functions, 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.