You are going to get 'decimated'.
Dear mid-level Wall Street worker, your computer is coming to get you.
Bloomberg News reports that from artificial intelligence to the blockchain, the world of finance is being transformed by emerging technologies, and that will mean lots of lost jobs, according to several panelists at the Milken Institute Global Conference.
Software engineers, whole technology departments, and anyone who’s moving numbers from one spreadsheet to another is “going to get decimated,” Daniel Nadler, chief executive officer of Kensho Technologies Inc., said Monday on a panel about technology’s impact on Wall Street. Kensho provides data analytics to banks.
“You have probably the most expensive utility infielders in the world here,” earning six figures for work of little real value, Nadler said. “Those people are not going to have jobs. It’s only shocking to the people who hold those jobs right now.”
Banks have cut tens of thousands of jobs since the 2008 financial crisis as global regulatory changes have shattered the old banking models. That trend will continue as the complexity and interconnections of financial markets increasingly mean computer algorithms and artificial intelligence take over the roles of human decision-makers.
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