Vikram Pandit, who ran Citigroup Inc. during the financial crisis, says technological advances could make 30 percent of banking jobs disappear in five years. David Siegel, co-founder of quant hedge fund Two Sigma, is worried that machines will soon make swaths of the workforce obsolete. But all hope is not lost.
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Wall Street’s robot revolution has begun. JPMorgan Chase & Co. is rolling out a program called LOXM that executes equities trades so well, it’s replacing the humans who used to do that. Goldman Sachs is in the midst of automating the initial public offering process. Innovations in financial technology -- fintech -- are creating competition in fields long dominated by the institutions.
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