McKinsey says, AI will KILL 30% of JOBS at Banks

Headcount isn't going to change, just the job descriptions. Automation makes businesses more efficient thereby allowing them to hire people to perform tasks that still require input.

That reminds me of the wonderful wonder that was LSO.

Outsource me?

Good! if you're spending time doing repetitive tasks and shit that a robot can do, you prob hate those shitty parts of your job anyways. AI will facilitate bankers but not replace them. Also, the article is talking largely about the S&T business (less so IBD, ER, Merchant Banking, restructuring, structured finance etc.)

Yeah, at some point. Right away, it won't.

At some point, there won't be analysts, but there will still be associates and above. Ultimately automation tends to cull the headcount for "lower value" positions while opening up time/value for those above that level. Now automation will create some jobs (offsetting the jobs lost) but they won't be in areas that people qualified for Analyst positions will be able to fill. It'll create Automation Engineers, Data Analysts, Algorithmic Programmers, etc.

You'll probably see Associates and above become even more "sales" and "client facing" roles than before. That's the benefit of automation.

Remember kids, so much about any job is the processing of natural language. NLP has a long, long way of going. Even extremely simple NLP tasks have proven to be extraordinarily difficult for a computer to do.

"Hey Bob,

Hope you had a great weekend. Could you take a look at the slides in the deck from last week for XYZ client and tweak them so that they look like ____________________. I think we should also _________________.

Thanks, DL"

Understanding such an email and actually doing the things asked correctly is super fucking hard for a computer to do. People aren't gunna want to give instructions specific enough for a computer because that would take so much time/effort.

Relax (at least about machines coming for you job). The article explicitly states: "The McKinsey report doesn’t focus too much on the so-called front office." I'd estimate that 99% of the people on WSO are (or aspire to) front office.