Deutsche Bank has so far replaced 680,000 hours of manual work through automation after announcing a massive restructuring effort earlier this year.
As part of this effort to boost efficiencies and revenues, Deutsche Bank announced that it would sack 18,000 employees earlier in 2019.
Speaking with Financial News, Mark Matthews, head of operations at the lender, said that machine learning and artificial intelligence solutions are picking up the slack from the ousted staff members.
The news comes as the German bank revealed two abysmal quarterly results in its second and third quarter. The bank lost $924m in the third quarter and shattering $3.48bn loss in the second quarter.
It is no the only big bank to cut jobs.
HSBC was reported to considering cutting 10,000 employees from its staff in October as part of a big cost-cutting strategy.
This followed from Commerzbank revealing it would let 4,300 people go in September. Just like its two competitors, these cuts were made in an attempt to modernize the bank.
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