Economy

Many bank staff will be replaced by robots, says Deutsche Bank boss

Many bank staff will be replaced by robots, says Deutsche Bank boss”

"If you look at the higher risk end of the market, I don't think you get the right reward for the risk you're taking right now", Cryan observed. But now pressure is building from critics of the ECB's ultra-low interest rate policy.

"The era of cheap money in Europe should come to an end - despite the strong euro", Cryan said at an event in Frankfurt, Reuters reports. "We need more revolutionary spirit".

John Cryan said that while financial hubs like Paris, Amsterdam and Dublin would undoubtedly benefit from the UK's post-Brexit exodus, none have the infrastructure to take a large portion of business from London. There is only one European city which can fulfil these requirements and that city is Frankfurt.

"For this reason, it's not about a choice between Dublin, Paris or Frankfurt - it's about a choice between New York, Singapore or Frankfurt".

Frankfurt is competing with NY and Singapore, rather than Dublin and Paris, for post-Brexit spoils, according to the boss of Deutsche Bank. "In our banks we have people behaving like robots doing mechanical things, tomorrow we're going to have robots behaving like people".

But some banks may be looking at whether to strip down their European Union operations and shift jobs further afield.

"We are now seeing signs of bubbles in more and more parts of the capital market where we wouldn't have expected them", he added.

Instead some staff would be "upskilled" and given more interesting work as the more commoditised tasks were entrusted to automation and robots.



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