The landscape of Wall Street is changing as artificial intelligence (AI) becomes more prevalent in investment companies. Recent reports from insiders at major banks like Goldman Sachs, Morgan Stanley, and Deutsche Bank show that AI could bring about a job crisis for many analysts, especially junior ones. employment apocalypse.
Charles Stross, a prolific science fiction author, often explores the link between advanced technology and the economy in his works. Like other science fiction writers, he speculates on how technological advances can disrupt established systems and their consequences for humanity. The case of AI in investment is a prime example of this.
In his book “Accelerando”, Stross depicts a world where AI and other autonomous technologies profoundly alter economic activities and societal structures. In the book, technology advances at a pace that surpasses organizations' ability to adapt in traditional ways.
Today, science fiction becomes reality. According to sources cited by the New York Times, this is already happening in some parts of the finance sector.
Becoming a reality
The new generation of junior analysts is threatened by AI's ability to perform financial modeling, risk assessment, and data analysis faster and more accurately than humans. This reduces the need for entry-level positions that have traditionally served as training for future financial leaders.
Acco