Many Wall Street traders are involved about being replaced by devices in the future, but at one Goldman Sachs Group Inc. device it’ s already happened.
“ Equity trading: 15-20 years ago we had five hundred people making markets in stocks and shares. Today we have three, ” Goldman Sachs President David Solomon stated Monday at the Milken Institute Worldwide Conference in Beverly Hills, Ca.
Solomon said the introduction of more technologies into the trading business has made this more efficient for clients, while furthermore introducing new risks. For Goldman Sachs, it has changed the mixture of its workforce, as the bank offers 9, 000 engineers on personnel and more employees are focused on rules.
Goldman offers “ an enormous investment in device learning and, based on history, exactly how markets will function, ” Solomon said. It makes speed “ a lot more important than capital. ”