The financial institution's chief executive officer John Cryan is candid about the possibility that robots could take over half of the 97,000 jobs. Cryan is determined to shift from manual operations.
Those, he has decided, make Deutsche "error-prone ... and inefficient." Among the functions targeted is the work done by human accountants. Here are more details from CNBC.
Of course, the robotic revolution in banking will create new kinds of jobs. But it is unlikely they will ever total the number of positions being permanently eliminated.
The same dynamic could take over the legal sector as blockchain's "smart contracts" become standard.
To transact his purchase of property in the Ukraine, venture capitalist and founder of TechCrunch Michael Arrington used a smart contract. He had earned a law degree from Stanford and had practiced law before entering the tech sector.
That's the monetary safety net which used to be considered futuristic talk. Now, leaders in Silicon Valley are championing that shift in a post-work world. And this isn't only the scenario for the U.S. Nations, ranging from Canada to India, are also experiencing the impacts of artificial intelligence and automation.
The issue is: When should society begin socializing its members about finding meaning outside of work? Should those elite nursery schools in Manhattan put out there among the toddlers the possibility of being whole without a professional identity?
Way back in pre-tech times, when demand patterns changed in professions, the workers would emotionally, spiritually, and financially crumble. For example, as the market for college humanities professors dried up in the early 1970s, we doctoral students became the new Lost Generation. It took most of us about five years to find a path out of despair and back on the road to meaningful kinds of work.
Soon enough those paths may no longer exist. Outplacement might serve the purpose of re-socializing professionals for the post-work ethos.
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