A recent survey by Greenwich Associates indicates that as much as 75% of banks will explore or implement AI in their equity research divisions by next year. Along with MiFID II in Europe, the equity research industry is undergoing a massive transformation recently.
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Wall Street’s research jobs are the most likely to be upended by artificial intelligence
So will AI put bankers out of work? Some people think these advances will boost productivity, enabling industries to actually increase the number of jobs. Others are less optimistic, noting that workers replaced by AI may not be able to easily shift their responsibilities or move into higher-skilled roles. Based on the firm’s survey, Greenwich analyst Richard Johnson thinks that perhaps 15% of the industry’s jobs are at risk.
