I say good riddance! https://www.businessinsider.com/ai-...eet-investment-banking-analysts-hiring-2024-4 Big firms are reportedly mulling whether to pull back on hiring new analysts as Wall Street leans more heavily on AI, several people familiar with the matter at Goldman Sachs, Morgan Stanley, and other banks told the publication this week. Incoming classes of junior investment-banking analysts could up being cut as much as two-thirds, some of the people suggested, while those brought on board could fetch lower salaries, on account of their work being assisted by artificial intelligence. "The easy idea is you just replace juniors with an AI tool," Christoph Rabenseifner, the chief strategy officer for technology, data, and innovation at Deutsche Bank, told the Times, though he noted it would still be necessary to keep human staff. Banks have already been testing AI software, employing them under monikers like "Socrates," the report found." ------------------------- What is more alarming: "Further, Goldman Sachs has estimated that around 300 million workers could be significantly impacted by AI, while a McKinsey report found that 12 million workers could be completely displaced by AI by 2030."
The reason they won't do this is that the analysts are like baby turtles. Out of 50, there will be 2 who will be worth hundreds of millions to the bank. If they only hire 15, the likelihood of finding that 2 drops. Btw - analyst here isn't research analyst. It's the right out of college kids. They become the people who make the pitchbooks for investment banking divisions, or become the junior traders in the sales and trading division.
So 300 million people worldwide without a job due to AI and wallstreet keeps cheering by pushing markets higher all while millions of jobs will be lost to the advancement of ai in just the next 5 yrs...
I think this headline is quite bubbly . I was going to say, how can that be possible right now? "A Goldman Sachs representative told Business Insider the bank was still in the "early stages" of exploring AI technology, adding that it was "pleased" with the results it had seen so far. But scaling back hiring is out of the picture at the moment:" I tried Claude 3 Opus this weekend for the first time and was incredibly unimpressed. I have already canceled my subscription. For my use cases, it is clearly not better than chatGPT4. What that means though is we have basically made no progress now in an entire year. While chatGPT4 is easily worth $20 a month it can't currently replace a single thing I have ever been paid to do in my entire life. In a year, we have built zero products on top of the APIs that anyone cares about or finds useful. We really need Sora released soon in order to keep the bubble going.
Good Morning Pekelo, AI is Scam and Lie, just like Bitcoin was a scam and lie. AI is not going to replace humans, and never will. Let me know when AI will replace 300 million workers.
AI is scam and lie. It is just all talk to give people something to talk about and cause fear on people. It is just all talk and bullshit. I have YET to see any AI do anything to make any company money or any human consistent millions. AI=Scam
AI is already writing better songs than half of the artists. It is pretty easy to replace a flip a coin analyst. Some of the fast food places already replaced order taking with AI.
Let's be honest here....all I keep hearing about is this Ai ai ai ai ai ai ai ai ai ai..... Go out there and talk to people and see how many people have been involved with something with Ai or use one of those chatgpt things. Most people I talk to about ai have not a clue what is going on.....so who else beside college kids cheating and some handful of people asking ai to paint then a picture of a stack of pancakes is using this??
If GS, JP Morgan, KPMG, PWC, Accenture can replace lower level employees to some degree with AI, they of course will do it. Consequences short term: more people fighting for jobs; more value for those who own the companies that benefit; more inequality. Consequences longer term: maybe new jobs will be created taking some of the pressure off or maybe not.