FORMER CITI CEO: 30% of banking jobs will be wiped out in 5 years

Vikram Pandit, former CEO of Citigroup, says 30% of banking jobs could disappear within the next five years.

In an interview on Bloomberg Television, the 60-year-old said threats from artificial intelligence and robots will “change the back office."

“I see a banking world going from large financial institutions to one that’s a little bit more decentralized,” he told Bloomberg’s Haslinda Amin.

Pandit’s prediction is roughly in line with his former employer’s estimates. A report by Citigroup in March of last year estimated the same number — 30% — of job losses, but over a decade as opposed to just five years. The firm is already staffing up a new center to unleash robotics throughout the the bank.

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The 25 highest-paying jobs you can get without a bachelor's degree
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The 25 highest-paying jobs you can get without a bachelor's degree

#25: Aerospace engineering and operations technicians

They operate and maintain equipment used in developing, testing, and producing new aircraft and spacecraft.

Median annual wage (2016): $68,020

Education required: Associate's degree

Projected job openings (through 2024): 3,200

Work experience: None

On-the-job training: None

Photo credit: Getty

#24: Magnetic-resonance-imaging technologists

They monitor patient safety and comfort and view images of areas being scanned to ensure quality of pictures.

Median annual wage (2016): $68,420

Education required: Associate's degree

Projected job openings (through 2024): 9,800

Work experience: Less than five years

On-the-job training: None

Photo credit: Getty

#23: Gaming managers

They plan, direct, or coordinate gaming operations in a casino.

Median annual wage (2016): $69,180

Education required: High-school diploma or equivalent

Projected job openings (through 2024): 800

Work experience: Less than five years

On-the-job training: None

Photo credit: Getty

#22: Diagnostic medical sonographers

They use special imaging equipment that directs sound waves into a patient's body to assess and diagnose various medical conditions.

Median annual wage (2016): $69,650

Education required: Associate's degree

Projected job openings (through 2024): 27,500

Work experience: None

On-the-job training: None

Photo credit: Getty

#21: Ship engineers

They supervise and coordinate activities of crew engaged in operating and maintaining engines, boilers, deck machinery, and electrical, sanitary, and refrigeration equipment aboard ship.

Median annual wage (2016): $70,570

Education required: Postsecondary nondegree award

Projected job openings (through 2024): 3,500

Work experience: Less than five years

On-the-job training: None

Photo credit: Getty

#20: Postmasters and mail superintendents

They plan, direct, or coordinate operational, administrative, management, and supportive services of a US post office, or coordinate activities of workers engaged in postal and related work in an assigned post office.

Median annual wage (2016): $71,670

Education required: High-school diploma or equivalent

Projected job openings (through 2024): 3,800

Work experience: Less than five years

On-the-job training: Moderate-term on-the-job training

Photo credit: Getty

#19: Transportation inspectors

They inspect equipment or goods in connection with the safe transport of cargo or people.

Median annual wage (2016): $72,220

Education required: High-school diploma or equivalent

Projected job openings (through 2024): 7,100

Work experience: None

On-the-job training: Moderate-term on-the-job training

Photo credit: Getty

#18: Captains, mates, and pilots of water vessels

They command or supervise operations of ships and water vessels, such as tugboats and ferryboats. 

Median annual wage (2016): $72,680

Education required: Postsecondary nondegree award (Required to hold license issued by US Coast Guard.)

Projected job openings (through 2024): 17,200

Work experience: Less than five years

On-the-job training: None

Photo credit: Getty

#17: Dental hygienists

They clean teeth, examine patients for oral diseases like gingivitis, and provide other preventative dental care.

Median annual wage (2016): $72,910

Education required: Associate's degree

Projected job openings (through 2024): 70,300

Work experience: None

On-the-job training: None

Photo credit: Getty

#16: First-line supervisors of non-retail sales workers

They directly supervise and coordinate activities of sales workers other than retail sales workers.

Median annual wage (2016): $73,150

Education required: High-school diploma or equivalent

Projected job openings (through 2024): 69,900

Work experience: Less than five years

On-the-job training: None

Photo credit: Getty

#15: Funeral-service managers

They plan, direct, or coordinate the services or resources of funeral homes.

Median annual wage (2016): $73,830

Education required: Associate's degree

Projected job openings (through 2024): 7,400

Work experience: Less than five years

On-the-job training: None

Photo credit: Shutterstock

#14: Nuclear medicine technologists

They use a scanner to create images of various areas of a patient's body. They prepare radioactive drugs and administer them to patients undergoing the scans.

Median annual wage (2016): $74,350

Education required: Associate's degree

Projected job openings (through 2024): 4,200

Work experience: None

On-the-job training: None

Photo credit: Getty

#13: First-line supervisors of fire fighting and prevention workers

They directly supervise and coordinate activities of workers engaged in fire fighting and fire prevention and control.

Median annual wage (2016): $74,540

Education required: Postsecondary nondegree award

Projected job openings (through 2024): 33,400

Work experience: Less than five years

On-the-job training: Moderate-term on-the-job training

Photo credit: Getty

#12: Power-plant operators

They control, operate, or maintain machinery to generate electric power. Includes auxiliary equipment operators.

Median annual wage (2016): $74,690

Education required: High-school diploma or equivalent

Projected job openings (through 2024): 14,100

Work experience: None

On-the-job training: Long-term on-the-job training

Photo credit: Getty

#11: Powerhouse, substation, and relay electrical and electronics repairers

They inspect, test, repair, or maintain electrical equipment in generating stations, substations, and in-service relays.

Median annual wage (2016): $75,670

Education required: Postsecondary nondegree award

Projected job openings (through 2024): 3,900

Work experience: None

On-the-job training: Long-term on-the-job training

Photo credit: Getty

#10: Commercial pilots

They pilot and navigate the flight of fixed-wing aircraft on nonscheduled air-carrier routes or helicopters. Requires commercial-pilot certificate.

Median annual wage (2016): $77,200

Education required: High-school diploma or equivalent

Projected job openings (through 2024): 15,100

Work experience: None

On-the-job training: Moderate-term on-the-job training

Photo credit: Getty

#9: Detectives and criminal investigators

They conduct investigations related to suspected violations of federal, state, or local laws to prevent or solve crimes.

Median annual wage (2016): $78,120

Education required: High-school diploma or equivalent

Projected job openings (through 2024): 28,300

Work experience: Less than five years

On-the-job training: Moderate-term on-the-job training

Photo credit: Getty

#8: Elevator installers and repairers

They assemble, install, repair, or maintain electric or hydraulic freight or passenger elevators, escalators, or dumbwaiters.

Median annual wage (2016): $78,890

Education required: High-school diploma or equivalent

Projected job openings (through 2024): 5,900

Work experience: None

On-the-job training: Apprenticeship

Photo credit: Getty

#7: Nuclear technicians

They assist physicists, engineers, and other professionals in nuclear research and nuclear production.

Median annual wage (2016): $79,140

Education required: Associate's degree

Projected job openings (through 2024): 2,800

Work experience: None

On-the-job training: Moderate-term on-the-job training

Photo credit: Getty

#6: Radiation therapists

They check equipment, observe patients' reactions to treatment, and document sessions.

Median annual wage (2016): $80,160

Education required: Associate's degree

Projected job openings (through 2024): 6,200

Work experience: None

On-the-job training: None

Photo credit: Getty

#5: Power distributors and dispatcher

They coordinate, regulate, or distribute electricity or steam.

Median annual wage (2016): $81,900

Education required: High-school diploma or equivalent

Projected job openings (through 2024): 3,900

Work experience: None

On-the-job training: Long-term on-the-job training

Photo credit: Getty

#4: First-line supervisors of police and detectives

They directly supervise and coordinate activities of members of a police force.

Median annual wage (2016): $84,840

Education required: High-school diploma or equivalent

Projected job openings (through 2024): 43,000

Work experience: Less than five years

On-the-job training: Moderate-term on-the-job training

Photo credit: Getty

#3: Transportation, storage, and distribution managers

They coordinate transportation, storage, or distribution activities in accordance with organizational policies and applicable government laws or regulations.

Median annual wage (2016): $89,190

Education required: High-school diploma or equivalent

Projected job openings (through 2024): 27,100

Work experience: Five years or more

On-the-job training: None

Photo credit: Getty

#2: Nuclear-power-reactor operators

They operate or control nuclear reactors, move control rods, start and stop equipment, monitor and adjust controls, record data in logs, and implement emergency procedures when needed.

Median annual wage (2016): $91,170

Education required: High-school diploma or equivalent

Projected job openings (through 2024): 2,600

Work experience: None

On-the-job training: Long-term on-the-job training

Photo credit: Getty

#1: Air-traffic controllers

They monitor and direct the movement of aircraft. Median annual wages of air-traffic controllers are the highest of any occupation in which workers typically do not need a bachelor's degree.

Median annual wage (2016): $122,410

Education required: Associate's degree

Projected job openings (through 2024): 7,500

Work experience: None

On-the-job training: Long-term on-the-job training

Photo credit: Getty

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Pandit helmed Citigroup for just under five years, beginning in 2007. Having led the bank through the financial crisis, and resigned in 2012. He has since founded a private equity firm called Orogen Group, where he today serves as CEO.

Many other former and current finance executives have voiced similar concerns about jobs being made redundant thanks to artificial intelligence. Last month, Axel Lehmann, COO of Swiss bank UBS, said AI would "fundamentally change the banking business."

“I don’t want to get blindsided. It’s less the technology, as such, providing a transformative element in the banking industry,” he said in an interview with Business Insider. “It’s really alternative business models that has the potential to shake up everything and eat into our cake.

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