30% bank jobs will go

Vikram Pandit, who ran Citigroup Inc. during the financial crisis, said developments in technology could see some 30% of banking jobs disappearing in the next five years.

Developments in artificial intelligence and robotics reduce the need for staff in some roles such as back-office functions, Pandit, 60, said in Singapore. You can call it Robotics, automation or technology.

“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 from 2007 to 2012. “It’s going to change the back office.”