Many of us may be aware of how robots are being used to replace blue-collared labor in manufacturing, farming, etc. However, many people may not realize that robots are also replacing white-collared labor as well – bankers, lawyers, etc…. A case in point: a major German bank is replacing thousands of its employees with robots.
Some very smart people say that robots are going to steal your job.
Researchers at Oxford University estimate that 47 percent of U.S. jobs could be replaced by robots, automated technology and automated intelligence (AI) within the next 20 years. Jeff Hesse, PwC principal and U.S. people and organization co-leader, tells CNBC Make It, “The displacement is already beginning to happen.”
Elon Musk told the National Governors Association, “There certainly will be job disruption. Because what's going to happen is robots will be able to do everything better than us.” Musk even went so far as to say that “AI is a fundamental risk to the existence of human civilization.”
John Cryan, the millionaire CEO of Deutsche Bank, is the latest industry leader to suggest that technology will lead to significant layoffs — and possibly sooner than we think.
More on what Mr. Cryan has to say about using a robot labor force at Deutsche Bank – resulting in thousands of layoffs:
We employ 97,000 people,” Cryan to the Financial Times. “Most big peers have more like half that number.”
“We're too manual, which can make you error-prone and it makes you inefficient,” he said. “There's a lot of machine learning and mechanization that we can do.”
He isn't just speculating. In late 2015, Deutsche Bank announced that it planned to eliminate 9,000 employees as a part of a five-year restructuring plan. So far, 4,000 jobs have been cut. Technology, says Cryan, will allow for Deutsche to complete these cuts and more.
When asked about the specific number of employees at risk of being replaced, he told Laura Noonan at the Financial Times it would be a “big number.”
For more on how robots may be taking your job, please read here. In addition, here is a book that may be of interest to you as well: Rise of the Robots: Technology and the Threat of a Jobless Future.