Machines Poised to Take Over 30% of Work at Banks, McKinsey Says
- Report estimates impact of new tech within investment banking
- It’ll ‘transform the industry’ within a few years, author says
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New technologies are poised to sweep through investment banks, relieving many rank-and-file employees of roughly a third of their current workload, according to McKinsey & Co. The shift, already stoking angst on Wall Street, may take only a few years.
Cognitive technologies -- applications or machines that perform tasks once requiring human thought -- are now cheap enough that banks can deploy them across operations facilitating trades or other capital-markets business. In a report Thursday, McKinsey said automating tasks will “free up capacity” for staff to focus on higher-value work, such as research, generating new ideas or tending to clients.