October 22, 2017

ABOVE AVERAGE IS OVER:

Robots Are Coming for These Wall Street Jobs| (Saijel Kishan, Hugh Son and Mira Rojanasakul, October 18, 2017, Bloomberg)

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.

This map of trading automation is based on interviews with about a dozen senior banking and investing executives on Wall Street, many of whom focus on adopting new tech. It offers a sense of their projects -- some of them just starting -- that will affect traders within big firms.

Posted by at October 22, 2017 9:33 AM

  

« THEY SHOULD BE HONORED HE DIDN'T JUST TWEET THEM: | Main | WE ARE ALL DESIGNIST NOW: »