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There were still humans in charge of the algorithms, but they moved more towards Python programmers than market traders.
Many of the "old-style" traders bitched about what we did, and most moved jobs to banks that were less advanced.
(I was in the interest rates line; typical trade size is $10M)
Because investment bankers are just salespeople? Nobody is suggesting AI will replace salespeople in the near future. I could see there being fewer grunt analysts in the future, though.
> Nobody is suggesting AI will replace salespeople in the near future. Huh? For one, investment bankers are "just salespeople" in the same way doctors are just nurses. Second, everybody and their mother is suggesting AI will replace retail level salespeople in the future. In fact lots of places, from British supermarkerts (where you can bill and pay for your purchases yourself), to Amazon's Go experiment, and numerou…
> "Would you trust purchasing a house from a seller, without meeting/talking to them, or a single person before and throughout the purchase?" You mean I can get an unbiased look at a house in peace, compare the numbers, look at the plans, measure the humidity and do my due diligence without a sales person breathing down my neck? Hell yea. I'd pay premium for that.
I found my apartment online. Set up the meeting. Negotiated the documents and corrected them where necessary. The broker I paid 10% of my first year's rent? Apparently he bought a ticket to Paris the morning of our closing.
For around eight years my primary job function was to put investment bank traders out of a job, by automating what they did. There were still humans in charge of the algorithms, but they moved more towards Python programmers than market traders. Many of the "old-style" traders bitched about what we did, and most moved jobs to banks that were less advanced. (I was in the interest rates line; typical trade size is $10M…
Due diligence on the financials of a company (what investment bankers are supposed to do) is actually really hard to get right with the algorithms we have today. Much of the data and insight compiled by an I-banker today does not exist in an easily parse-able form for automated algorithms, and a substantial amount of the computation relies on common sense knowledge.
Due diligence on the financials of a company (what investment bankers are supposed to do) is actually really hard to get right with the algorithms we have today. Much of the data and insight compiled by an I-banker today does not exist in an easily parse-able form for automated algorithms, and a substantial amount of the computation relies on common sense knowledge.
Once enough data is available, common sense and gut feeling can be programmed as a combination of fixed rules and machine learning.
I don't think this is true. Not at all.
Answering my own question: I'd expect bankers to save more (of their own money) in anticipation of the good times not lasting as long. More conservative types will weather the storm and spendthrifts will get wiped out.
In other words: business as usual, up until the very moment it isn't.
Earlier quoted context omitted.
I found my apartment online. Set up the meeting. Negotiated the documents and corrected them where necessary. The broker I paid 10% of my first year's rent? Apparently he bought a ticket to Paris the morning of our closing.
If you negotiated the documents yourselves, why were any broker involved ?
People are more and more selling without a broker as well, or at least they start to use cheaper brokers where you only buy the service you need.