An nameless reader quotes Bloomberg:
Robots have changed hundreds of routine jobs on Wall Avenue. Now, they’re coming for higher-ups.
That is the competition of Marcos Lopez de Prado, a Cornell College professor and the previous head of machine studying at AQR Capital Administration LLC, who testified in Washington on Friday in regards to the influence of synthetic intelligence on capital markets and jobs. Using algorithms in digital markets has automated the roles of tens of hundreds of execution merchants worldwide, and it is also displaced individuals who mannequin costs and danger or construct funding portfolios, he mentioned.
“Monetary machine studying creates a lot of challenges for the 6.14 million folks employed within the finance and insurance coverage business, a lot of whom will lose their jobs — not essentially as a result of they’re changed by machines, however as a result of they don’t seem to be educated to work alongside algorithms,” Lopez de Prado advised the U.S. Home Committee on Monetary Providers.
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