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Excel is such a highly valued skill compared to machine learning in the mind of bankers, they think their job can't be replaced by AI as did the Luddites of the

Excel is such a highly valued skill compared to machine learning in the mind of bankers, they think their job can't be replaced by AI as did the Luddites of the 18th century when industrial revolution took over.

nylonstrung 10y ago
Then explain why we've seen almost no automation of the workflow of investment bankers of the last 15 years even though it is a massive payroll expense in banks that are aggressively cutting headcount and automating back office functions. It's not a job that is easily displaced by code.
- brilliantcode 10y ago
  who says the next 15 years won't see the automation of investment bankers? We've only recently started seeing the rise of deep learning to reach new heights like AlphaGo, put Picasso to shame, drive cars, replace managers in Japanese factories, mimic human voice, predict conversion and see patterns & deep links unclear to the human. I don't see why we can't automate the workflow of coke snorting gordon gekko wannabe fuckboys on wall street in the next 15 years as will a large chunk of professional careers. To boot, we see lot of the floor trading becoming automated as a result of the innovation we had in the past 15 years. Luddites of the 21st century will hit the mid to lower upper class hard, I'd love to work on such problems.
  - nylonstrung 10y ago
    It's going to be one of the last jobs to be automated because it has a massive amount of client facing/relationship work and despite your disdain for it, the fact is that it is more complex and demanding than the vast majority of white collar jobs out there. It also is an extremely small industry in terms of actual headcount, probably 150K worldwide We've had plenty of stuff like NLP for 10-Ks and management calls but the job has been relatively unchanged overtime save for the introduction of CapIQ, Bloomberg and Excel. Which isn't to say that it can't change, but that it probably won't happen anytime soon.

nylonstrung 10y ago

Then explain why we've seen almost no automation of the workflow of investment bankers of the last 15 years even though it is a massive payroll expense in banks that are aggressively cutting headcount and automating back office functions. It's not a job that is easily displaced by code.

brilliantcode 10y ago
who says the next 15 years won't see the automation of investment bankers? We've only recently started seeing the rise of deep learning to reach new heights like AlphaGo, put Picasso to shame, drive cars, replace managers in Japanese factories, mimic human voice, predict conversion and see patterns & deep links unclear to the human. I don't see why we can't automate the workflow of coke snorting gordon gekko wannabe fuckboys on wall street in the next 15 years as will a large chunk of professional careers. To boot, we see lot of the floor trading becoming automated as a result of the innovation we had in the past 15 years. Luddites of the 21st century will hit the mid to lower upper class hard, I'd love to work on such problems.
- nylonstrung 10y ago
  It's going to be one of the last jobs to be automated because it has a massive amount of client facing/relationship work and despite your disdain for it, the fact is that it is more complex and demanding than the vast majority of white collar jobs out there. It also is an extremely small industry in terms of actual headcount, probably 150K worldwide We've had plenty of stuff like NLP for 10-Ks and management calls but the job has been relatively unchanged overtime save for the introduction of CapIQ, Bloomberg and Excel. Which isn't to say that it can't change, but that it probably won't happen anytime soon.