Artificial Intelligence Is Superseding Well-Paying Wall Street Jobs

erek

erek

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High-Tech AI and ML Jobs are crushing Wall Street Banker Jobs

"When people say not to worry, that’s the precise time to worry. Companies—whether they are McDonald’s, introducing self-serve kiosks and firing hourly workers to cut costs, or top-tier investment banks that rely on software instead of traders to make million-dollar bets on the stock market—will continue to implement technology and downsize people in an effort to enhance profits and cut down on expenses. This trend will be hard to stop and have serious future consequences for the workers at all levels and salaries. "

https://www.forbes.com/sites/jackke...ng-well-paying-wall-street-jobs/#3d6fef45524d
 
Wallstreet has no concept of the word work all the do is ride the wave. I read this kid got a space on the floor at the New York stock exchange he started doing drugs and went to a doctor to get help. The doctor said there was nothing they he could do because Wallstreet screwed him up so bad and he had no morals. If a computer is the driving force behind the market which it basically already is help us all.
 
Not too shocking and it has put the financial industry in a panic for a few years. A lot of those roles are basically just hand-holding and providing specific plans and portfolios based upon a basic formula (and their company's product offerings) anyway. The difference between one firm or advisor and the others usually even comes down to "service" which you hopefully shouldn't need often anyway.
 
Accursed said:
Time for Universal basic income?
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you trying to get this thread locked turning it political :) people are scared of automation though, even at my job I wrote a relatively simple indesign script to save folks many hours sometimes days in work and made a frickin video tutorial to try and show how easy it is (like 5 minutes of training)... they just can't get on board because they feel they won't have as much control and what other work could they do in their spare time?
 
Angry Wallstreet learning to program robots... yep, no problem there, see ya soon skynet, bye world
 
Youn said:
what other work could they do in their spare time
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This is the real reason. People who've got some kind of fiddly task that takes hours a day (or even just a week), you automate that so it only takes 5 minutes, well, now they have to find real work to do to fill in the time.

I had a coworker like that at a job once--he was the build manager who made the installer for our application. He would take most of a day to put out a build, once a week. The reason it took so long was mainly because he had a huge list of file names, manually maintained, that he had to enter into the installer builder. We had two versions of the installer that had slightly different lists, each stored to a config file. If he saved those config files, he could just copy the one he needed to the build directory and spend a minute adding the latest changes in, but like I said, that would mean he'd have to actually work.
 
Jagger100 said:
UBI is a subsidy for corporations. Amazon would love UBI to be implimented. It's really time to close the door to imports and the flood of cheap labor.
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This is a gross oversimplification. The relationship between purchasing power and cheap imported goods is one part of a multitude of factors. Throughout history, automation and mechanization have changed the landscape of employment; however, with advanced artificial intelligence getting mixed into the equation, we are seeing more than just mindless, repetitive, low-skill tasks being replaced by automation on a scale that has heretofore been unkown.
 
As an installer and service tech of industrial automation equipment, I say bring it on.
 
Yep. Happening in a lot of financial institution positions. Even Fraud and AML is using some machine learning and AI to scrub out what would be garbage cases.
 
Crosshairs said:
Nope. time to learn how to do another job
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Yeeeap.
Time to learn how to actually create value in the world. Sounds like it'll be a great excuse for people in years to come though;
"It's so hard with all that Ai stuff taking muh jerbs mayne!"

At least there will be no more false justification for importing hordes of genocidal, economic invaders - I bet certain influence wielding groups and politicians will be pissed about that and screech and moan.


LiveLeak-dot-com-5a8_1512302434-france-say-allahu-akbar-putin_1512302460.jpg
 
Stock brokers on unemployment?
Some grubby looking guy asking them "Hey, can I use that pencil after you? "
 
Widespread use of AI in the financial industry presents some curious risks. Financial instruments have zero inherent value. They are 100% intrinsic value. No matter how many science-sounding words the unknowing players assign to things, the value of these assets is based on social values - perceived values. If this sounds like crypto, that's because it literally is like crypto.

What happens if we replace the Wall St Bros who chat each other up over lunch drinks, dinner drinks, dawn drinks, morning coke, and Snapchat messages with computers which don't partake? Suddenly, the intrinsic value of these assets is no longer going to be based on something that Wall St has lots of experience playing with. The shifts in values of these assets, which by nature of coke binges taking some time to hit and propogate, tend to be fairly slow. What happens when you put an AI in place to compete against other AIs, all of which are operating with sub-microsecond cycle times? My guess is you don't get an increase in stability (again: see crypto).

Similarly, Wall St is notoriously opaque, unregulated, unaccountable, and corrupt. Do we really think that allowing them to hide behind "The AI did it" is going to help here?
 
The dark cyberpunk future is only a few weeks away, and AI is helping to pave the way for the future of megacorps... for real.
 
The world used to have people who lit candles on the side of roads in cities when they were “street lamps” along with hundreds if not thousands of other jobs that have went away thanks to automation and technology.

If you work in an industry that can be automated it’s well past time to learn a new skill. It baffles me how people can be in their 40s still working fast food or some other menial task. Cyber security jobs and really any IT jobs are in huge demand.

GIS, IT, Cyber Security, Python, Linux variants, etc. are high paying and a certification away.

Reddit is filled with stories of folks who goto places like Western Governors University for 6 months, get their Bachelors in IT with a dozen certs for 3500 dollars and get a job making 60-100+k a year after working in some dead end job for a few years.

There’s one lady who works at Cisco now, she was homeless and did that. Now she has her CCIE in R&S and another CCIE in Security (not sure if that one is right but she has 2 which is ridiculous). She did that in 2 years.

I’m all about the universal basic income, but the government should abolish all other forms of welfare and make it a blanket payout every month. If they are still suffering that’s their problem. Taxpayers save money through attrition.
 
ok I installed python, copy and pasted a 20 line AI program and ran it. Where's my 100k job?
 
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