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But what about the human cost of automation?

Robots

New research from recruitment agency Robert Half has outlined the jobs which are under threat from automation, but when are we actually going to talk seriously about the dark side of artificial intelligence (AI)?

Top fintech stories this week – 21 July 2017

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Catch up on Banking Technology’s top five fintech stories of the week – all in one place!

More jobs to go from RBS in UK to India

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Job-cutting spree continues at the Royal Bank of Scotland (RBS) – 443 jobs are to go from its business loans department. Many of these will be moved to India.

70% of jobs in developing markets under threat from AI – report

AI

A new report from the International Bar Association has outlined the risks and rewards of artificial intelligence (AI), which while bordering on scaremongering also makes some good points.

RBS continues with branch closures and job cuts

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Royal Bank of Scotland (RBS) is closing 30 of its own branches and 128 of its subsidiary, NatWest, putting 470 people out of work. The bank says this decision is a result of the changing consumer behaviour, which has now shifted to digital banking.

Lloyds in £1.3bn tech outsourcing deal with IBM

Lloyds tech gallops offshore

UK-based banking group Lloyds is to outsource its tech to IBM in a seven-year deal worth £1.3 billion. More than 1,900 jobs will be shifted to IBM and £760 million of costs will be cut as a result.

Standard Chartered to shed corporate and institutional banking jobs

Standard Chartered on a major cost- and job-cutting spree

Standard Chartered is set to cut about a tenth of its global corporate and institutional banking headcount. The job cuts will start in Hong Kong and Singapore and will eventually affect all major business hubs of Standard Chartered.

More branches and jobs to go at Lloyds Banking Group

Lloyds-TSB-Commercial-Finance

UK-based Lloyds Banking Group is getting rid of further 49 branches and 665 jobs. The bank will offer services via mobile vans to the communities affected by the branch closures.

UK cheque clearing firm iPSL to downsize locations and staff

Cheque

Intelligent Processing Solutions (iPSL), a UK-based cheque clearing firm owned by Unisys, plans to close down seven of its nine locations in 2018. This puts 600 jobs at risk, according to trade union Unite.

Thomson Reuters to shed 2,000 jobs across finance, risk, tech and ops

2,000 jobs to go at Thomson Reuters

Thomson Reuters is set to cut 2,000 jobs globally, taking a Q4 charge of $200-250 million as it aims to “streamline its business”. The restructuring will affect 4% of the Thomson Reuters global workforce across 39 countries and 150 locations.

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