Monday, February 13, 2017

"Goldman Sachs has already begun to automate currency trading, and has found consistently that four traders can be replaced by one computer engineer"

TR:

At its height back in 2000, the U.S. cash equities trading desk at Goldman Sachs’s New York headquarters employed 600 traders, buying and selling stock on the orders of the investment bank’s large clients. Today there are just two equity traders left.

Automated trading programs have taken over the rest of the work, supported by 200 computer engineers.

...

In addition to back-office clerical workers, on Wall Street machines are replacing a lot of highly paid people, too.