- Automated technologies could have a big impact on 60% of Wall Street jobs, according to a new report by
- Integration of new technology doesn't guarantee big revenue spikes, but it is necessary to keep firms afloat in the digital age.
- Some big firms are already taking action.
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This chart shows where robots are going to replace humans on Wall Street
The robots are coming for Wall Street's jobs, and McKinsey & Co has an idea of exactly what jobs they are coming for.
Robotic arms spot welds on the chassis of a Ford Transit Van under assembly at the Ford Claycomo Assembly Plant in Claycomo
The robots are coming for Wall Street's jobs, and McKinsey & Co has an idea of exactly what jobs they are coming for.
The consultancy has published a report, titled Cognitive Technologies in Capital Markets, examining the areas of corporate and investment banking that are ripe for automation via machine learning, artificial intelligence, and natural language processing tools. These tech buzzwords have become commonplace on Wall Street, but essentially they all do something very similar: mimic human intelligence.
According to McKinsey, these technologies are "moving center stage" and could have a sizeable impact on 60% of bank jobs, with 30% of activities for this group "technically automatable."This will free up humans across the banking gamut to focus their energies elsewhere, and could also lead to job cuts.
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"The application of cognitive technologies to capital markets functions can reduce budgets and free up capacity for teams to focus on higher-value activities such as research, idea generation and client relationship management," the report said.
The report features a chart that breaks down the degree to which five cognitive technologies will impact business in the middle and back office. Trade allocation is the most primed for automation, according to the report.
aimed at deploying robo tech throughout the firm.
"The Smart Automation Centre will be responsible for partnering with our businesses and functions across Citi to ensure all the elements are in place for the rapid deployment of Robotics and other related technologies," according to one ad on the firm's talent search engine.
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