Goldman Sachs CFO talks job automation
Incoming Goldman Sachs CFO Marty Chavez is a longtime technologist, with a PhD from Stanford in medical IT, two startups under his belt and a career at Goldman Sachs that included time as chief information officer. Yesterday he spoke with Axios about the role of automation in finance. Takeaways:
Past isn't prologue: Chavez acknowledges that many of the current job descriptions at Goldman Sachs won't exist in a decade from now. For example, he notes that the firm had around 600 equity exchange floor traders in 2000, and that the number is now down to two (or actually 1.5, as one of those folks also does something else). In short, that 1.5 is tasked with making sure the computers stay on or, if things go south in a hurry, turning them off.