Traditionally automation has displaced low skilled labor. But the big opportunities for machine learning lie in the areas currently staffed by professionals.
Marty Chavez, deputy CFO at Goldman Sachs recently explained that automation had cost 600 equity traders their jobs. Furthermore, he went on to describe how the same innovation is being applied to areas such as currency trading and even some investment banking operations.
Goldman Sachs predict that they’ll be replacing traders with computer engineers at a ratio of 4:1. Out of the 9000 people employed at the bank around 3000 are engineers.