Tech Advances Will Soon Make Swaths of the Wall Street Workforce Obsolete

Look out, Wall Street - the robots are coming for your jobs.

Wall Street

The Bloomberg video we’ve posted below, an interesting one we should note, takes a quick look at the areas of corporate and investment banking that are ripe for automation via machine learning – a pattern finding technology – artificial intelligence (AI) and natural language processing tools. Vikram Pandit, former CEO of banking giant Citigroup Inc. (NYSE:C), last year was  quoted as saying that 30% of banking jobs may be gone within five years thanks to advancing technologies. In fact, the latest technology is advanced enough that computers can now learn to teach themselves new skills. According to a 2017 report by consulting firm McKinsey, automated technologies could impact 60% of Wall Street jobs including those of traders, analysts and money managers.

Experts in the field have a wide range of opinions in terms of how people should prepare for these changes. Google’s Eric Schmidt and leading futurist Ray Kurzweil see the sophistication of computers and technology as a source of more jobs, while others, like Tesla/SpaceX CEO Elon Musk, take a more skeptical view of how AI is likely to affect the job market. However, none of them disputes the fact that overall automation is and will be impacting huge numbers of people. As a matter of fact, based on an another McKinsey study of 46 countries and 800 occupations, between 400 million to 800 million global workers are expected to lose their jobs by year 2030 and be replaced by robotic automation.

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