Marcos Lopez de Prado hints Artificial Intelligence Supersede Well-Paying Wall Street Jobs

(Last Updated On: December 12, 2019)
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Highlights from this article which involved Marcos Lopez de Prado on formal government hearings

According to Marcos Lopez de Prado, the former head of machine learning at AQR Capital Management, algorithms in electronic markets have already automated the jobs once dominated by thousands of traders. …

Lopez de Prado, who is now a Cornell Universityprofessor, testified in Washington on the adverse impact of artificial intelligence on capital markets and jobs. He spoke of the algorithms automating the jobs of traders and displacing thousands of people. Lopez de Prado told the U.S. House Committee on Financial Services, “Financial machine learning creates a number of challenges for the 6.14 million people employed in the finance and insurance industry, many of whom will lose their jobs—not necessarily because they are replaced by machines, but because they are not trained to work alongside algorithms.”…

Investment banks, such as Goldman Sachs, now seek people who have the math, technology, software, coding, data analytics and related skills to work along with electronic trading. The need for real-life traders are done and over with. It used to be a fantastic and well-paying job to be a trader—not any longer!

Companies—whether they are McDonald’s, introducing self-serve kiosks and firing hourly workers to cut costs, or top-tier investment banks that rely on software instead of traders to make million-dollar bets on the stock market—will continue to implement technology and downsize people in an effort to enhance profits and cut down on expenses. This trend will be hard to stop and have serious future consequences for the workers at all levels and salaries.  

NOTE I now post my TRADING ALERTS into my personal FACEBOOK ACCOUNT and TWITTER. Don't worry as I don't post stupid cat videos or what I eat!
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