Future Finance
Robots in Finance Could Wipe Out Some of Its Highest-Paying Jobs
- Experts testify about AI on Wall Street for House committee
- Lawmakers ask about jobs, bias from AI and market surveillance
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Robots have replaced thousands of routine jobs on Wall Street. Now, they’re coming for higher-ups.
That’s the contention of Marcos Lopez de Prado, a Cornell University professor and the former head of machine learning at AQR Capital Management LLC, who testified in Washington on Friday about the impact of artificial intelligence on capital markets and jobs. The use of algorithms in electronic markets has automated the jobs of tens of thousands of execution traders worldwide, and it’s also displaced people who model prices and risk or build investment portfolios, he said.