"Goldman Sachs automated trading replaces 600 traders with 200 engineers"
You mean 600 traders replaced with a High Frequency Trading (HFT) computer.
Goldman Sachs automated trading replaces 600 traders with 200 engineers
71–80 of 155 posts
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#72Earlier quoted context omitted.
> It will be the same with AI. If you apply enough bright people's mind for long enough, we can possibly automate certain niche jobs, but that's going to be completely uneconomical. The thing is, it doesn't have to be an all-or-nothing proposition. If you can write software to make a team of ten traders 10% more productive, it may be possible to do the same job with only 9 traders. Over time, those productivity gains…
I've seen that happen to FX traders, and some fairly straight-forward automation. No AI was required.
AI is a very flexible term, all software that makes choices technically qualifies as AI even if the benchmark is moved over time. But, remove the buzzards and rejecting a loan using a single if statement based on a Fico score really is machine decision making at work.
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#73Earlier quoted context omitted.
No doubt. The last people to be replaced are going to be software devs (because when you can write a computer program with an AI you can make the AI write the AI and you have general AI), cleaning ladies and probably police investigators.
The world's oldest profession will be the world's last profession.
Fishing?
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#74Earlier quoted context omitted.
No doubt. The last people to be replaced are going to be software devs (because when you can write a computer program with an AI you can make the AI write the AI and you have general AI), cleaning ladies and probably police investigators.
because when you can write a computer program with an AI you can make the AI write the AI and you have general AI There doesn't need to be a single AI to create the entire app. An AI to model data structure, an AI to build an interface, an AI to consume external APIs, etc. We already mostly bolt libraries together to make software; it doesn't take a huge leap for those libraries to be generated by machine learning. B…
And up next, AI containers and AI container orchestration ran by an AI
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#75A agency that I once worked for was asked to create a presentation of the future of trading for a well known trading platform. It was the typical fluff around voice interfaces, augmented reality, VR and all that drivel. But we all knew what the future really meant - taking people out of the equation - but we also knew that the people paying for the presentation didn't want to hear that. When people talk about the ris…
>>But of your job is to look at data and make descisions based on that data, you're gonna be the first to go. I posted the other day about machine learning and radiology. It's the type of job that squarely fits your definition, although things move much more solely in medicine.
It's also likely that human-in-the-loop will stay around, possibly indefinitely in medicine. A human-in-the-loop is a huge safety thing for medicine, but it defeats the whole point of HFT.
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#76....where the time frame involved is 17 years from 2000 until now. It's also weird that they don't mention the about to be dismantled Dodd-Frank Act (Volker Rule) that forced most sell side firms out of prop trading. I guess the headline, "computers replace humans for the most mundane and rules based tasks" doesn't grab headlines as much:) One other interesting tidbit > Some 9,000 people, about one-third of Goldman’s…
>>Some 9,000 people, about one-third of Goldman’s staff, are computer engineers.
Is that right, or is that just a confused journalist? Computer engineers? As in, hardware design so they can shave off nanoseconds here and there? Or do they just mean programmers of any kind here?
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#77Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#78So... if 600 traders were replaced with 200 engineers, do the engineers make 2-3x the salary of the replaced traders?
No, engineers are not paid well at Goldman
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#79So... if 600 traders were replaced with 200 engineers, do the engineers make 2-3x the salary of the replaced traders?
No, engineers are not paid well at Goldman
So... There was another post up not to long ago about a programmer's union. The comments critiqued the need for it, but were talking generally.
Is there an opportunity for a financial programmer's union, so that the value those engineers bring is better shared with the people bringing them?
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#80Earlier quoted context omitted.
As Big Data encroaches more and more into reality these decisions are going to be less relationship based and more AI based. The reason before it had to be relationship based was because computers didn't have visibility into the real world to make these decisions. However, with the advent of big data, their visibility is increasing.
What big data? How many acquisitions of an irish insurance company by a german bank are you going to use to train your algorithm to understand the legal and regulatory issues? How are you going to teach your algorithm to anticipate how IFRS9 or the upcoming Banking regulations being discussed with the regulator going to affect that? How are you going to train your algorithm to draft the disclosures in the offering ci…
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