Traders, prepare to adapt. Robots Are Coming for Wall Street Jobs.
Updated: Jun 26, 2018
The excerpt below from the Bloomberg Businessweek article by Saijel Kishan, Hugh Son and Mira Rojanasakul, touches about the coming automation of many roles within the financial services industy:
Wall Street is entering a new era. The fraternity of bond jockeys, derivatives mavens and stock pickers who've long personified the industry are giving way to algorithms, and soon, artificial intelligence.
Banks and investment funds have been tinkering for years, prompting anxiety for employees. Now, firms are rolling out machine-learning software to suggest bets, set prices and craft hedges. The tools will relieve staff of routine tasks and offer an edge to those who stay. But one day, machines may not need much help. It's no wonder most of the jobs Goldman Sachs Group Inc.'s securities business posted online in recent months were for tech talent. Billionaire trader Steven Cohen is experimenting with automating his top money managers. Venture capitalist Marc Andreessen has said 100,000 financial workers aren’t needed to keep money flowing.
Full article on Bloomberg - HERE