Deutsche Bank CEO suggests robots could replace half the company’s 97,000 employees

John Cryan, CEO of Deutsche Bank (Thomas Lohnes | Getty Images)

 

Some very smart people say that robots are going to steal your job.

Researchers at Oxford University estimate that 47 percent of U.S. jobs could be replaced by robots, automated technology and automated intelligence (AI) within the next 20 yearsJeff Hesse, PwC principal and U.S. people and organization co-leader, tells CNBC Make It, “The displacement is already beginning to happen.”

Elon Musk told the National Governors Association, “There certainly will be job disruption. Because what’s going to happen is robots will be able to do everything better than us.” Musk even went so far as to say that “AI is a fundamental risk to the existence of human civilization.

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Erdoğans Transition

BERLIN/ANKARA (Own report) – The German government is negotiating new German Turkish arms deals, as was confirmed by the German Ministry of Economics. Brigitte Zypries (SPD), Minister of the Economy, spoke with the CEO of Rheinmetall weapons manufacturer about upgrading the Turkish Leopard battle tank. “In principle,” such deals with NATO partners “can not to be restricted,” according to Berlin. The German government is also seeking to re-invigorate German-Turkish economic cooperation, to strengthen bilateral relations. Germany does not want to loose Turkey as a “bridge” connecting Germany and the EU to the Middle East. Under President Recep Tayyip Erdoğan, Ankara is not only strengthening the country’s economy and, in the long run, make it one of the world’s top ten economies (“Vision 2023”), he is also planning to transform the country into an independent regional power, forming alliances as it chooses – no longer dependent on the western states. The reorientation of its foreign policy is accompanied by the country’s transformation into a presidential dictatorship. Continue reading

Eurozone banks are in DEEP trouble: Wall Street top bankers issue warning to EU

EUROPE’s biggest banks are vulnerable and pose a huge risk to financial stability, according to some of Wall Street’s top bankers.

Financial heavyweights from the US and Switzerland joined forces to sound the alarm over Deutsche Bank and its peers.

Goldman Sachs’ president Gary Cohn hit out at eurozone banks for failing to clean-up their balance sheets after the financial crisis. Continue reading

China Construction Bank to be first UK clearing bank for renminbi

China Construction Bank (CCB), China’s second-largest lender, has been selected to become the first clearing service for renminbi trading in London, according to reports

The clearing bank will help secure London’s position as a global centre for foreign exchange trading, as financial capitals around the world race to secure a slice of the fast-growing offshore yuan trade. Continue reading