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Wednesday, April 8, 2020

Robots replace 18,000 workers at Deutsche Bank

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As part of a radical $8.3 billion restructuring plan, the multinational Deutsche bank has so far axed over 4,000 jobs, with some 18,000 more staff cuts to come by 2022.
Deutsche bank is pushing to “automate large parts of its back-office” via a new strategy called “Operations 4.0,” as part of its $6.6 billion savings initiative over the next three years.

 

The use of artificial intelligence has “massively increased productivity” in certain sectors of the business, according to Mark Matthews, the head of operations for Deutsche’s corporate and investment bank.

 

He told the Financial News that so far “680,000 hours of manual work” has already been saved.The bank has “used bots to process 5 million transactions in its corporate bank and perform 3.4 million checks within its investment bank.”

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