Investment banks to choose artificial intelligence over humans

Under constant pressure to slash costs and boost returns, investment banks are set to replace humans with artificial intelligence. Stamford, Connecticut-based research firm Greenwich Associates thinks investment banks will seek to deploy artificial intelligence across research, sales, trading, and compliance. Already used to detect fraud, deliver credit ratings and provide robotic financial advice in the retail sectors, artificial intelligence could be set to overhaul the way wholesale markets work. Richard Johnson, vice president of market structure and technology at Greenwich, said: "In today's environment of continued cost pressure and low margins in many businesses, investment banks are even more incentivized to reduce costs through automation." "AI and robotic process automation promise to provide just the solution they are looking for," he added in the March 7 statement.