30% of bank jobs may disappear in next five years, says former Citi CEO

Wall Street's biggest firms are using technologies and are forcing many employees to adapt or find new positions

Vikram Pandit, who ran Citigroup during the financial crisis, said developments in technology could see some 30 per cent 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. “Everything that happens with artificial intelligence, robotics and natural language — all of that is going to make processes easier,” said Pandit, who was Citigroup’s chief executive officer