Goldman Sachs Jumps on Ai Automation Bandwagon
Big banks like Goldman Sachs are trading in humans for machines as they continue to become more automated in an inevitable technological arms race. Equity trading jobs are being outsourced to online computer trading, and a few computer engineers can now do the job of fifty traders. Other finance fields such as investment banking are following in the automation trend. While equity sales and trading can be thought of as the trailblazers of automation among big investment banks, the CFO of Goldman Sachs Martin Chavez says that investment banking will soon be following in its footsteps. Even though investment banking has always been a more personal job based on client relationships, machine learning has begun to develop processes to carry out an IPO. Cutting back on the number of traders and investment bankers would save these large banks a lot of money and make business and investing less personal, but more efficient.
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Written by Victor Sinopoli, Edited by Jack Vasquez & Alexander Fleiss