Last week, the House Financial Services Committee’s Task Force on Artificial Intelligence conducted a meeting with university academics and Wall Street financial services professionals to discuss the impact of AI on trading, robo-advisory, market surveillance and other activities within the financial services sector. To set the tone, the report by Wells Fargo predicting 200,000 banking jobs in the U.S. will be lost over the next decade—due to the introduction of new technologies—was cited by the chairman of the AI Task Force, Rep. Bill Foster (D-Ill).
According to Marcos Lopez de Prado, the former head of machine learning at AQR Capital Management, algorithms in electronic markets have already automated the jobs once dominated by thousands of traders.
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