Finance on Wall Street, especially ibanking, has been hailed by high schoolers to senior level executives as THE way to make money. Although stressful, the glamour and money involved with the job entices people of all backgrounds.
However, a recent update in the industry, fintech, is threatening investment banking as a whole. According to UBS COO Axel Lehmann, certain jobs will be completely eliminated due to the development of AI.
We'll have different jobs and the skill levels of those people will be different. Of course, there will likely be eliminations of some process functions. The more you implement robotics and automation, that will in part substitute processes that humans are doing today. However, I do think that probably what will happen is we will then see a significant increase in productivity and efficiency.
Is it really a wise move for rising undergraduates to major in finance when automation is taking over the industry? Are current employees being threatened in the next five to ten years? Do you really believe that AI can take over investment banking, or is there a significant need for humans?
Source: Business Insider