Deutsche Bank CEO: Will gradually replace artificial labor with AI

Foreign media ibtimes reported that since employees work like "robots," Deutsche Bank President John Cryan said that "large numbers" of employees can be cut. Deutsche Bank in Frankfurt, due to the development of AI, may be affected CEO John Cryan said: "With the rise of artificial intelligence (AI) and automation technology, and a large number of employees also work like robots, then the future and the For employees working for Deutsche Bank, the job prospects will inevitably change dramatically."

Earlier, the Financial Times (FT) reported on a meeting in Frankfurt on September 6 that confirmed that Deutsche Bank will no longer need to expand its staff. However, FT did not elaborate on how the progress of AI will have an impact on the number of employees.

Klein added: “In our bank, some employees perform their work mechanically like robots. In the future we want to make robots work like humans.” He also mentioned that there will be technology influencing the work of robots, perhaps People need to find new ways to spend time. He gave an example. An accountant is someone who "consume a lot of time as an abacus."

He said that Deutsche Bank needed to be “more revolutionary” and pointed out that banks will never be the same.

Science and technology, especially AI, have changed the development of the banking industry. In December 2016, the consulting firm PWC's analysis wrote: “AI will gradually replace some human tasks such as personal assistants, digital labor and machine learning.” Compared to the human labor force, AI (mainly Automation has become a cheaper and more effective option. Artificial intelligence will not complain, nor will it form alliances.

At present, Deutsche Bank is in the process of a major restructuring plan, led by Klein. Deutsche Bank headquarters in Frankfurt, currently has approximately 100,000 employees.

In 2015, there were reports that the head of Deutsche Bank stated that banks need innovation to provide more smooth services to customers. Since January 2016, some companies have undergone structural changes. In 2017, scientific and technological progress in the financing market once again forced some organizations to re-evaluate their position in the market.

The picture shows Deutsche Bank President John Klein

In March of this year, consulting firm Accenture released a report titled "Technical Vision 2017". The report shows that four-fifths of bankers today believe that AI will greatly influence the way banks interact with customers. The report pointed out that there is no doubt that technology will continue to change the banking industry. Alan McIntyre, head of the Accenture Banking Department, was one of the authors of the report. He stated that there is a “great fallacy” in the role of AI in the financial sector.

McIntyre further explained this paradox by saying: "People think that science and technology will lead to more and more automation of the banking industry and less and less personalization. But in real life, we see that technology actually helps the banking industry to be more personalized. In many respects, banks will also return to the artificial era and allow customers to feel more human contacts." However, for accountants, it may still be impossible to return to the artificial era.

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