Algorithms that model prices or build portfolios could wipe out 6 million high-paying jobs in finance, according to Cornell University professor Marcos Lopez de Prado.
Lopez de Prado told the US House Committee on Financial Services that AI might not replace jobs entirely, but current finance employees aren’t trained to work alongside new technology, Bloomberg reported.
Lopez de Prado’s statement aligns with a 2019 report that revealed 1.3 million US finance jobs — particularly customer-service reps, financial managers, and compliance and loan officers — could disappear by 2030, according to a British insights firm IHS Markit. Brookings, too, recently found white-collar employees in tech and finance are more susceptible to AI job loss than social workers, teachers, or cooks.
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