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(AP Photo/Richard Drew, File)

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.

Adaptability is key: Despite his belief in increased automation, Chavez isn't too concerned about future employment levels at Goldman, arguing that the firm has plenty of opportunity to expand into other business lines. The key for workers, ― which he says applies both on and off Wall Street ― is to not fight against automation for the explicit sake of "same job" protection, because clingy manual input will always lose in the end.

One fun thing: While at Stanford, Chavez shared an office with future Netflix co-founder and CEO Reed Hastings. They both received identical offer letters from Goldman, which came after a headhunter was asked to compile Stanford computer science PhD with entrepreneurial experience. Chavez accepted, while Hastings did not.

Go deeper

Oklahoma sues Biden administration over Pentagon vaccine mandate

Secretary of Defense Lloyd J. Austin testifies before a House Armed Services Committee hearing on Sept. 29 in Washington, D.C. Photo: Olivier Douliery/Pool via Getty Images

The state of Oklahoma filed a lawsuit against the Biden administration on Thursday in an attempt to block the enforcement of its vaccine mandate for federal employees.

Why it matters: The move comes one day after Defense Secretary Lloyd Austin denied Oklahoma Gov. Kevin Stitt's (R) request to exempt the state's National Guard from the mandate.

Congress passes stopgap funding bill to avert shutdown

Senate Majority Leader Chuck Schumer. Photo: Chip Somodevilla/Getty Images

The Senate voted 69-28 to pass legislation Thursday night to fund the government until February 18.

Why it matters: The move staves off a government shutdown but lawmakers still have a busy month ahead: Congress needs to work out a deal to raise the debt ceiling in a few weeks and Democrats are trying to pass their behemoth social spending bill.

DiDi to delist from NYSE under Chinese govt pressure

Illustration: Sarah Grillo/Axios

Chinese ride-hail giant DiDi said it will delist from the New York Stock Exchange, following a Chinese government crackdown on foreign listings.

Why it matters: This reflects how geopolitical tensions are bleeding into the capital markets.

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