Deutsche Bank already using robots as it gears up to cut 18,000 jobs
Deutsche Bank has revealed it’s using robots to achieve its 18,000 job cut target, admitting artificial intelligence has “massively increased productivity”.
The bank’s head of operations for corporate and investment banking Mark Matthews told Financial News that machine learning tools have already saved “680,000 hours of manual work”.
Matthews say the bank has so far used bots to process five million transactions in its corporate bank and perform 3.4 million checks within its investment bank.
As part of its $6.6 billion savings initiative over the next three years, Deutsche Bank announced in July 2019 that it would be cutting 18,000 people from the company over the next three years. Last month it was reported that its home market in Germany would suffer the bulk of the cuts.
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Called Operations 4.0, the German bank is aiming to automate large parts of the institution’s back office so it can streamline processes and redistribute capacity.
Having already cut 4,700 jobs in the last year, a spokesperson for Deutsche Bank confirmed that about 1,000 were done since the announcement in July.
The bulk of its equity research department has remained in place, but large swathes of its stocks sales and trading division have not been so lucky.