LinkedIn Survey on automation – Business Insider



An
engineer makes an adjustment to the robot “The Incredible Bionic
Man” at the Smithsonian National Air and Space Museum in
Washington October 17, 2013.

REUTERS/Joshua Roberts

The robots are coming for our jobs, and Wall Street is getting a
little nervous. 

A
recent survey of 1000 financial professionals
conducted by
LinkedIn, the networking site, found that 25% of Wall Streeters
are worried their job could be jeopardized by
automation. Retail bankers are the most fearful with a third
of respondents saying they view automation as a threat,

according to a report highlighting the survey’s
results

It stands to reason that some folks are nervous, as Wall
Street firms look to automate their infrastructure to cut
jobs. 

As one survey respondent frankly put it, “automation will
continue to reduce the number of jobs in finance.”

Citigroup is staffing up for the automation revolution. The
New York-based financial services giant has plastered online jobs
boards advertising roles for a
new automation center
that will deploy new robotic
technology throughout the bank.

JPMorgan, which is spending big on technology
as it looks to cut costs and increase efficiency
, last
year launched a predictive recommendation engine to identify
those clients which should issue or sell equity. And now, given
the initial success of the engine,
it’s being rolled out to other areas
.

And
at an event in January
, Goldman Sachs’ deputy chief financial
officer Marty Chavez said the bank was focused on automating
investment banking tasks. He said that the bank has mapped out
146 distinct steps in the initial public offering process, and
that many of these are “begging
to be automated
,” according to MIT Technology Review.

Not everyone is worried about the ongoing wave of
digitization sweeping Wall Street, however. For instance,…

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