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The 2020s could be an apocalyptic decade for Wall Street as artificial intelligence takes over the most popular jobs in finance

 


Business Insider | December 9, 2019




The Business Insider article, "The 2020s could be an apocalyptic decade for Wall Street as artificial intelligence takes over the most popular jobs in finance," quoted Russell Reynolds Associates Consultant Heather Hammond on why talent is still flocking to big banks despite recent scandals. The article is excerpted below.

Jobs in banking are some of the most sought after for job seekers — but plenty of roles may not be around much longer.

Algorithms that model prices or build portfolios could wipe out 6 million high-paying jobs in finance, according to Cornell University professor Marcos Lopez de Prado. 

...

How AI is set to disrupt the finance industry
Despite a year of scandals that entangled many of the country's largest banks, the desire to work at these companies remains high, according to a report by LinkedIn. Some of the more high-profile scandals include Deutsche Bank's alleged involvement in a global money-laundering scheme and accusations against Wells Fargo's auto-loan and mortgage practices.

Nonetheless, Bank of America, Goldman Sachs, Citigroup, Wells Fargo, and JPMorgan Chase remain five of the most popular places to work in 2019. LinkedIn attributes the popularity to banks offering increasingly tech-focused jobs that attract talented software engineers and developers out of college.

"The reality is that if somebody wants to learn finance and strategy, these banks are still the places to be trained and developed," Heather Hammond, co-head of the global banking and markets practice at Russell Reynolds Associates, told LinkedIn.

To read the full article, click here.



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The 2020s could be an apocalyptic decade for Wall Street as artificial intelligence takes over the most popular jobs in finance