Goldman Sachs automated trading replaces 600 traders with 200 engineers

Re:Goldman Sachs automated trading replaces 600 traders with... by karim on Tuesday February 07, 2017 @05:09PM (#13593373)

> 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 compound and you have literally cut in half the number of people on your trading floor.

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Re:Goldman Sachs automated trading replaces 600 traders with... by eru on Tuesday February 07, 2017 @05:27PM (#13593518)

I've seen that happen to FX traders, and some fairly straight-forward automation. No AI was required.

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Re:Goldman Sachs automated trading replaces 600 traders with... by Retric on Tuesday February 07, 2017 @05:54PM (#13593747)

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.

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