Can Robots Replace Day Traders on Wall Street? Finance Magnates

In February 2017, news broke that Goldman Sach's New York headquarters sacked 600 traders and replaced them with some 200 computer engineers who are overseeing automated trading programs. Marty Chavez, the Goldman Sach's deputy chief financial officer and former chief information officer, while speaking at a symposium on computer's impact on economic activity,notes that "Goldman Sachs has already begun to automate currency trading, and has found consistently that four traders can be replaced by one computer engineer, Chavez said at the Harvard conference. Some 9,000 people, about one-third of Goldman's staff, are computer engineers." Artificial Intelligence is causing massive paradigm shifts across many industries, but its biggest impacts is felt in financial services sector. Simply put, artificial intelligence provides unfair advantage in the financial markets.