Does anyone know ballpark salaries / bonuses for financial firms.
As someone who knows Scala and other functional languages I get a lot of recruiter spam with 200k+ tag lines bit I've never really pursued the issue.
Goldman Sachs automated trading replaces 600 traders with 200 engineers
101–110 of 155 posts
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#102Most of the automation infrastructure (allocations, counter-party APIs, etc) for this change started in the early 2000's. For example, the initial allocation network was in place by 2003. Other firms who prefer to remain unknown (don't need engineering recruiting PR) were nearly a decade ahead of GS. RGM, Vertu, others. Let me know if you want to work on this type of thing. Happy to help.
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#103Earlier quoted context omitted.
> If your job is to look at data and make decisions based on that data, you're gonna be the first to go Depends on the type of data, how it's collected, how it's aggregated, etc. I'm a market researcher so I look at data all day. Thing is - I look at both qualitative and quantitative data from a ton of different sources (financial filings, surveys, macreoconomic organizations, vendor briefings, engineer interviews, e…
We shall see. My money is on the machines. Or more specifically, mathmatics.
Having formerly been in market research, and automating-out many parts of that process myself, gotta go with op. There will be a need for people who can give data/study designs a sanity check/interpretation for at leeast for like a decade or two. Not that I don't think some exec somewhere will try or already are trying to automate it out, just that it's a terrible terrible idea.
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#104Earlier quoted context omitted.
The terrifying thing is that you don't even need to reach human-level performance to cause structural unemployment. As a hypothetical example, if automation can make top-performers in your field 10x more efficient, that makes 90% of people in that role redundant. This feels a lot scarier to me since as a ML engineer, I rarely see applications where we can reach human level performance easily but the idea of making ex…
Lots of high-earning people tied up in managing money is pretty inefficient for society, though. Maybe those people can switch to factory jobs and help reduce the cost of common things for the common person.
I can't tell if that's meant as sarcasm or not.
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#105Earlier quoted context omitted.
The terrifying thing is that you don't even need to reach human-level performance to cause structural unemployment. As a hypothetical example, if automation can make top-performers in your field 10x more efficient, that makes 90% of people in that role redundant. This feels a lot scarier to me since as a ML engineer, I rarely see applications where we can reach human level performance easily but the idea of making ex…
Lots of high-earning people tied up in managing money is pretty inefficient for society, though. Maybe those people can switch to factory jobs and help reduce the cost of common things for the common person.
Of which they will quickly become :)
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#106A 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…
The terrifying thing is that you don't even need to reach human-level performance to cause structural unemployment. As a hypothetical example, if automation can make top-performers in your field 10x more efficient, that makes 90% of people in that role redundant. This feels a lot scarier to me since as a ML engineer, I rarely see applications where we can reach human level performance easily but the idea of making ex…
>I rarely see applications where we can reach human level performance easily but the idea of making existing top performers 2-5x more effective feels much more viable.
This actually reminds me of Palantir's focus, which is to develop tools to aid analysts.
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#107A 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…
The terrifying thing is that you don't even need to reach human-level performance to cause structural unemployment. As a hypothetical example, if automation can make top-performers in your field 10x more efficient, that makes 90% of people in that role redundant. This feels a lot scarier to me since as a ML engineer, I rarely see applications where we can reach human level performance easily but the idea of making ex…
>I rarely see applications where we can reach human level performance easily but the idea of making existing top performers 2-5x more effective feels much more viable.
This actually reminds me of Palantir's focus, which is to develop tools to aid analysts.
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#108A 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…
I always consider automation to first target jobs with "trivial decision making." I think trading fits into that, as you can pretty much distill it down to an algorithm. At least as far as I understand it.
Physicians are another great example. A lot of their job today seems to be about translating signs and symptoms and following a decision tree. I'm excited about the opportunities to displace current duties with today's nice to haves, such as physicians who have time to dig deeper into a person's well being than their symptoms that day.
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#109What about other instruments? I used to work as an IT in a small investment bank, and the traders there were not doing any equity trading. They were dealing with bonds, swaps and stuff, and they were mostly doing arbitrage, IIRC. Also there was one guy on forex, but I vaguely remember that he was not supposed to speculate, rather he was supposed to trade whatever was necessary for the other guys to work. Is the equit…
It's like the drink looking under the light for his keys.
Re: Goldman Sachs automated trading replaces 600 traders with 200 engineers
#110Earlier quoted context omitted.
Another obvious example is actuaries and any number of other analysts in the insurance industry. According to Google[1], actuaries earn an average of just over $97k/year. While this may not strictly be an "investing area," it's a clear target for automation. 1. https://www.google.com/search?q=actuaries
Actuaries have quite a high regulatory wall protecting them from other human competitors. But probably not from computers. (I don't know about the legalities, but the laws requiring companies to have a actuary sign off on stuff probably can be satisfied by having on part time actuary shared between multiple companies sign off on computer generated analysis.)
I know in banking, regulators are satisfied with ML models making decisions about bank capitalisation, so long as the models are annually audited by an external auditor (eg. KPMG, EY)