Goldman Sacked: How Artificial Intelligence Will Transform Wall Street

[HAB911]

For the past year, we as a society have been worried sick about artificial intelligence eating the jobs of 3 million truck drivers. Turns out that a more imminently endangered species are the Wall Street traders and hedge fund managers who can afford to buy Lamborghinis and hire Elton John to play their Hamptons house parties.

So maybe “hooray for AI” on this one?

Financial giants such as Goldman Sachs and many of the biggest hedge funds are all switching on AI-driven systems that can foresee market trends and make trades better than humans. It’s been happening, drip by drip, for years, but a torrent of AI is about to wash through the industry, says Mark Minevich, a New York-based investor in AI and senior adviser to the U.S. Council on Competitiveness. High-earning traders are going to get unceremoniously dumped like workers at a closing factory.

http://www.newsweek.com/how-artificial-intelligence-transform-wall-street-560637

[HeartachesNhangovers]

1. Truck drivers perform the valuable service of moving

goods from place to place. However, it's been shown over and over that professional stock pickers don't perform as well as darts. So I'm unsympathetic to the future unemployed traders. I've read that Wall St employment has been dropping for years already because consumers are willing to do their own stock-picking and execute trades online.