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Deutsche Bank Using Robots to Replace 18,000 Workers In Radical Restructuring Plan

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Harry Reid Says Early Voting States Iowa, New Hampshire ‘Not Representative of the Country Anymore’

Former Senate Majority Leader Harry Reid (D-Nevada) said on Nov. 18 that early voting states Iowa and New Hampshire are “not representative” of the United States in the modern era. “I don’t think it matters what happens in Iowa or New Hampshire because those states are not representative of the country anymore,” the longtime Nevada senator told reporters in Las Vegas. Reid said his state of Nevada is the third to weigh in on the election but the first that looks like the rest of the country, with a sizeable Latino population and significant groups of Asian American and black voters. While Nevada’s population is about 48 percent white, Iowa has a white population of about 85 percent and New Hampshire has a white population of about 90 percent, according to…

A woman with a umbrella passes a logo of Deutsche Bank on January 29, 2013 in Frankfurt am Main, Germany. (Thomas Lohnes/Getty Images)

Deutsche Bank will be replacing 18,000 members of staff with robots as part of its radical restructuring plan, Financial News reports.

Mark Matthews, head of operations for Deutsche’s corporate and investment bank, told the publication that the robot program, named Operations 4.0, is increasing productivity. It has enabled the bank to “redistribute capacity.”

He said that the program has also helped to save “680,000 hours of manual work.” So far, it has “used bots to process 5 million transactions in its corporate bank and perform 3.4 million checks within its investment bank.”

“It [headcount] will continue to go down; there’s no question about that. Our model is to reduce costs and, at the same time, improve our control environment and the client experience,” Matthews said.

The multinational investment bank announced in July that it would be cutting 18,000 jobs by 2022 as part of an $8.3 billion overhaul in what CEO Christian Sewing called the “most comprehensive restructuring of our bank in two decades.”

Since July’s restructuring announcement, the company has already cut 1,000 jobs, while 4,700 jobs have been terminated since the start of the year, a spokesperson for the German Bank confirmed on Monday.

In it’s October earnings report, Deutsche Bank posted $349 million in “severance and transformation-related charges,” while net revenues fell 15 percent.

Meanwhile, the bank is expected to lose more than $5 billion this year as it pays for the restructuring and has seen dwindling revenue over the past seven years, Karma reports.

The news comes amid a tough year for banks, with the total number of job cuts announced by banks in 2019 growing to nearly 60,000, Bloomberg reported in September.

According to the publication, the majority are based in Europe, where negative interest rates and a slowing economy have prompted lenders to step up cost reductions.

In July, North-eastern University President Joseph Aoun said he believes artificial intelligence will wipe out 50 percent of American jobs.

Speaking at an event hosted by the American Enterprise Institute, Aoun argued that every person needs to “master how to interact with machines” as AI develops.

Aoun has previously written extensively about the use of AI in his book, “Robot-Proof: Higher Education in the Age of Artificial Intelligence.” There he states that “students will need data literacy to manage the flow of big data, technological literacy to know how their machines work, but human literacy—the humanities, communication, and design—to function as a human being.”

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Oklahoma Walmart Shooting Leaves 3 Dead, Police Say

At least three people were killed during a shooting at a Walmart in Oklahoma on Monday morning, it was reported. Fox affiliate KOKH reported on the deaths, saying the shooting occurred in Duncan, which is about 75 miles south of Oklahoma City. KFOR also reported that the three people were killed. It cited the Oklahoma Highway Patrol. Duncan Police Chief Danny Ford told KSWO that the people were shot and killed outside the store by a vehicle, and one of the people who was killed was identified as the shooter. District Attorney Jason Hicks is on the scene of the crime, telling KOKH that the scene is contained and it is not an active shooter situation anymore. Several people were wounded in the incident, according to The Associated Press, which…