I’m sure automation will impact every job in some way but in regards to finance I really do see DCM and ECM being automated. I mean all they do is reuse the same deck and update the market numbers. Pardon my ignorance as I don’t work in DCM so maybe someone who does can enlighten me.
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Those standard slides can definitely be automated, but that is the least valuable part of a good ECM desk. Non-tangible skills like having a good investor network, placing power, roadshow reach, deal tactics etc. is where, in my opinion, the real value is and that more difficult to automate.
(I’m in not in ECM/DCM)
Alright let’s take DCM for example. Companies will always issue debt (in good times and bad, though in smaller amounts), and bond economics are dependent on the overall relationship, so I don’t see how the DCM desk will survive automation. I mean wtf do DCM MD’s even do?
The value in using DCM services lies in the advice and in particular the placement of the new bond. Technology facilitates this but cannot replace the expertise offered.
To give an example: let's say Tesla is thinking about issuing some debt, for whatever reason. Technology can project what sort of a new issue premium they'd be looking at for a variety of different tenors or product types, based on market data, but it's the colour that DCM provides that will help Elon and his team work out whether they want to go ahead.
God, I hope not.
Hopefully not lmao
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