Deutsche Bank staff sent home as 18,000 job cuts begin

We won't get out of this as long as we see unemployed people as the plague, in the meantime we'll see a surge in bs services (uber, deliveroo, hellofresh, &c.)

1. The type of people that would rather call than use an app are getting older and will eventually stop calling

2. The type of problems automation can solve is removing the need for a live person.

I have a CS degree from a non-ivy but well known private engineering school in the Cambridge / Boston area. CS students obv seem to have no issues, but I was always curious what kind of work / salary "business" or "finance" degrees would fetch. It's hard to place my position on the subject since I know a number of talented and intelligent non-engineering majors with the above qualifications, but an order or magnitude more complete idiots who partied their way through college and think their $40 haircut is more of a bargaining tool than actual skills.

I think their current goal is to refocus on that.

  1. Retail banking
  2. Commercial banking
  3. Investment banking
  4. Investment/money management services
  5. Proprietary trading
  6. Other random financial things

Commercial banking is for larger corporate customers. The bank generally offers more services in addition to deposits and lines of credit. They may include loans, foreign exchange, treasury services (cash management), payment services, etc.

Investment banking is sort of related to commercial banking. Generally speaking, it revolves around arranging financing (rather than providing it as commercial bankers would do). It includes things like bond issuences, mergers & acquisitions, private equity deals, etc.

Investment/money management services may include an actual brokerage operation, custody services, and high-net-worth money management/investment advisers. Services range from do-it-yourself-online to we-handle-everything-for-you-so-you-don't-have-to-think-about-it. Part of this will often be the production of analyst reports and market forecasts, though this is sometimes outsourced.

Proprietary trading is where the bank uses its own money to trade or invest in various securities. This is distinct from investment services in that they do not use client money and thus must be segregated into a different group by law.

Finally, there are a slew of random financial services that some banks do and some banks don't. In terms of size, they can be very large (or even dominate) to a rounding error on their books. Everything from trust accounts to credit card issuance, from tax prep to reselling insurance.

And really finally, there are a number of internal groups that are specific to banks. Two that come to mind are compliance and risk management. IT often also has quite a large headcount (though often spread out in different business units).

Each bank organizes itself somewhat differently so take what I wrote with a grain of salt. Sometimes the same product may even fall under different departments in different countries because of regulatory issues.

Solving AI is more like solving flight.

Before flight was solved, leading experts believed it would be impossible. Same could be said for the moon landing.

Hackernews crowd seems to be in denial about how true AI would make most of them redundant.