Vikram Pandit says AI, robotics reduced need for some staff
Pandit now CEO of New York-based investment firm Orogen Group
Vikram Pandit, who ran Citigroup Inc. during the financial crisis, said developments in technology could see some 30 percent of banking jobs disappearing in the next five years.
JPMorgan Chase & Co. CEO Jamie Dimon cautioned in June against overreacting to the impact of technology on jobs. While the bank is using technology to reduce costs, that helps create other opportunities, Dimon said in an interview published on LinkedIn. He predicted that employee numbers at his firm will continue to rise — as it hires more technology workers.
The banking industry is becoming “enormously competitive,” Pandit said, adding that he foresees the emergence of “specialist providers” as well as consolidation in the industry.
“I see a banking world going from large financial institutions to one that’s a little bit more decentralized,” he said.
Since leaving the firm, Pandit has invested in non-bank financial startups such as student-loan venture CommonBond Inc. and home equity finance firm Point Digital Finance Inc. He formed New York-based Orogen last year with investment firm Atairos Group to acquire stakes in mature financial-services companies.
— With assistance by Anand Menon