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200,000 Wall Street Jobs May Be Slashed By Artificial Intelligence
The financial services sector is facing disruption as AI technologies threaten to displace a considerable share of its workforce.
Positions involving data analysis, financial trend assessment and risk evaluation are particularly vulnerable, as AI systems can process vast amounts of information and generate insights at speeds far surpassing human capabilities. While the chief information and technology officers polled forecast a 3% average net reduction, Bloomberg Intelligence senior analyst Tomasz Noetzel, who authored the report, stated that AI is more likely to transform these roles rather than eliminate them entirely. Wall Street is expected to demand a different skill set from its workforce, as the banking industry faces the most significant threat of job displacement from AI compared to other sectors, Bloomberg reported citing research from Citigroup.
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