How is AI disrupting the financial industry
NEW YORK - Artificial intelligence, along with other financial technology (fintech) innovations, are significantly changing the ways that financial business are being run, especially in the fields like trading, insurance and risk management, leading the traditional financial industry into a new era.
Back in 2000, Goldman Sach's New York headquarters employed 600 traders, buying and selling stock on the orders of the investment bank's clients. Today there are just two equity traders left, as automated trading programs have taken over the rest of the work.
Meanwhile, BlackRock, the world's biggest money manager, also cut more than 40 jobs earlier this year, replacing some of its human portfolio managers with artificially intelligent, computerized stock-trading algorithms.
