US

Forget Fast Food, Robots Are Taking Over Wall Street Now

REUTERS/Kacper Pempel/Illustration/File Photo

Daily Caller News Foundation logo
Tim Pearce Energy Reporter

Some of the top financial institutions in the U.S. are automating, with robots taking over about 100,000 jobs in the sector, Bloomberg reports.

As scientists and engineers advance in fields such as artificial intelligence and algorithms becomes more versatile and complex, bonds and stocks dealing is losing its need for human intuition.

Investment banks are currently testing software that listens in on phone calls between traders and clients and advises additional trades, as well as tries to predict what future requests will be, according to Bloomberg.

Technology has already taken over monitoring foreign currency markets to predict prices minutes or hours into the future and take advantage of disparities.

The wave of automation is due, at least in part, to increasingly heavy regulatory burdens on the sector. After transitioning certain jobs to lower cost countries, banks have resorted to getting rid of the positions entirely in favor of technology, the Financial Times reports.

“Companies have really thrown bodies at this to deal with the demands of the regulators. They have had no option,” Accenture head of financial services Richard Lumb told the Financial Times in January. “But now we are shifting from a revolution of labour arbitrage and offshore to a revolution of automation around this.”

Follow Tim Pearce on Twitter

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.