200,000 Wall Street Jobs May Be Slashed By Artificial Intelligence
https://www.forbes.com/sites/jackkelly/2025/01/09/200000-wall-street-jobs-may-be-slashed-by-ai/
200,000 Wall Street Jobs May Be Slashed By Artificial Intelligence
https://www.forbes.com/sites/jackkelly/2025/01/09/200000-wall-street-jobs-may-be-slashed-by-ai/
17 Comments
From the article
>It looks like no industry is immune from artificial intelligence, with the financial services sector facing disruption as AI technologies threaten to displace a considerable share of its workforce.
>Major Wall Street banks are expected to slash up to [200,000 jobs](https://www.bloomberg.com/news/articles/2025-01-09/wall-street-expected-to-shed-200-000-jobs-as-ai-erodes-roles) over the next three to five years due to AI adoption, according to Bloomberg Intelligence. This significant reduction in workforce is primarily attributed to AI’s ability to perform tasks traditionally carried out by human workers more efficiently and accurately.
Does your job involve doing office-type-stuff? Were you able to work from home? Good news, your job is under threat from AI.
Am not dropping the reference to working from home in there to criticise working from home, it’s just that it represents a good indicator of how important the person’s physical presence is. And the physical presence is the only thing the AI can’t do.
If a job doesn’t need a meat-based employee on the premises, it’s in play to be replaced by AI.
Can’t wait till AI takes the jobs of CEO’s. Till then I won’t be happy about it.
Noice. Can’t wait for an AI broker to mess up a decimal or timezone and initiate a trade losing customers millions and the brokerage shrugging it off in court!
It started with the less skilled jobs several years ago, self service checkouts in supermarkets, Mc Donald’s, car insurance apps that let you change/ renew and adjust policies, along with robots/ ai at warehouses picking orders.
Now it’s going after semi skilled jobs
This is true. To an extent.
AI can help make better decisions.
So while top level wallstreet wont be effected. The juniors and admin staff that are needed for research – may not be needed any longer.
Before you celebrate, keep in mind that:
1. While these people are well off, they aren’t the capitalist class. They earn a wage, and that wage will now be transferred to the capitalist class.
2. Who is buying new cars and home improvements? Mostly people who have money to spend, and many of those people’s jobs are at risk from AI. Build cars for a living? Great, nobody’s buying cars, you get laid off. Upgrade people’s HVAC and insulation systems? Great, nobody can afford that, you get laid off. Build new houses? Great, nobody can afford that, you get laid off. Nobody’s coming to your restaurant because nobody can afford to go out to eat.
3. This will ripple even beyond that. Nobody can afford iPhones? There goes Apple’s market cap. Nobody is actually working in office jobs anymore?
There goes Microsoft’s entire suite of office productivity tools. There goes Adobe everything. Who needs Salesforce? Who needs Zoom? Who’s buying Facebook ads… soup kitchens? Hospitals make their money from elective surgery, nobody can afford that anymore. Nobody can afford health insurance, there goes that industry, darn.
This is going to spiral, fast, and people aren’t talking enough about it.
It’s just an excuse to cut jobs at this point. But cutting jobs for AI = good
And all of those people will defend their own job being cut. As everyone that prays to the altar$ can’t admit their defect.
Does this job slashing include C-suite offficers? Because these are the most useless and gets paid the highest.
from what I hear, a lot of investment banking jobs aren’t intellectually difficult. it’s just a matter of putting in long hours and being detail oriented. lot of it is creating powerpoints apparently, or doing excel work.
seems like something ripe for AI to overtake.
If they get rid of most of the humans, who gets fired when the AI makes a bunch of assessments that are incorrect and cost the company millions? The last time [bad software on wall st ran wild](https://en.wikipedia.org/wiki/Knight_Capital_Group#2012_stock_trading_disruption) it killed an hft firm. It seems unwise to trust the magic black box with financial decisions, especially if you plan to fire anyone that would be able to double check its work.
Until Congress’s jobs are being replaced by AI, nothing is going to change.
It’s incredible how slowly theyre gonna roll this shit out so that everybody except the affected think it won’t come for them until it does and then its too late bc they cant convince the others bc they just think theyre desperate losers who should have “picked a better field.”
It’s over for Americans. Truly. UBI was a ruse to sell the idealists on so they wouldn’t resist this tech without guarantees until it was too late. Union agreements wont matter either bc the scale of adoption/utility here means it’s *when* not *if.*
Can’t convince anyone to change either. Everybody too propagandized or too stupid.
Gee, that’s a real shame. How are we going to replace all that “value” they “add” to our society?
AI is just an excuse to slash jobs, AI is nowhere ready to handle complex business relationships and transactions
It would be ironic if all these companies leveraging large amounts of money (in the hundreds of billions) to develop AI that replaces human jobs end up crashing the economy so badly that the jobs they replaced no longer exist for the AI to do, and their AI has no subscribers because people can’t afford anything the corporations are trying to sell.