Traditional Wall Street jobs are already being disrupted by technology, and the emergence of artificial intelligence will drastically reorder the role of most humans in finance, according to former Goldman Sachs Chief Technology Officer Michael Dubno.
“We’re actually seeing the disintermediation of certain roles that were historic on Wall Street such as the salesperson,” Dubno said in a Bloomberg Television interview.
“You still need someone to start a relationship, but that relationship is not done by ‘Hey, let’s go to dinner. Hey, I have a great piece of research for you.’ It’s really ‘I have a great piece of data for you’.”
Bloomberg has previously reported that Wall Street firms are pushing to develop software that can suggest trades and structure complex hedges, long the domain of stock pickers and derivatives sales staff. Firms are also experimenting with automated analysis of legal documents. Some investors and executives have been predicting major job losses once people are replaced.