Two thoughts on this: 1. From the headline, I was expecting this story to be about investment bankers walking away from ~$300K total comp jobs to join early st

Two thoughts on this: 1. From the headline, I was expecting this story to be about investment bankers walking away from ~$300K total comp jobs to join early stage startups that pay $85K salary plus equity. In fact, it's basically about finance people doing what finance people have done for years -- realize that they could make a bunch more money if they start their own firm. I am not sure that the fact that the new firms they are starting are using technology in order to disrupt longstanding paradigms is especially new or newsworthy. 2. I do think that the development of AI has some interesting implications for the business of investment banking. Specifically, I think that we are at or close to a point where software solutions that do the blocking-and-tackling tasks performed by a young analyst -- spreading comps, making profile pages for all the dominant players in an industry, etc -- will make analysts unnecessary. If I had to guess I'd say that in 10 years, the only reason there will be analyst programs on Wall Street will be to teach bankers the theory behind what is done in an instant by AI -- in the same way that student pilots learn to navigate manually even though there's GPS.