On Wall Street, the still-essential business of banking will go on, but maybe without as many suits.
By: Hugh Son
Are the humans of finance an endangered species?
People are still the lubricant that oils the wheels of finance, toiling at innumerable tasks—executing and settling trades, writing analysis, monitoring risk. That’s about to change.
Squeezed by low interest rates, shrinking trading revenue, and nimbler technology-based competitors, banks are racing to remake themselves as digital companies to cut costs and better serve clients. In other words, they’re preparing for the day that machines made by men and women take over more of what used to be the sole province of humans: knowledge work. Call it self-disruption. [Read More]