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20 June 2018

Goldman Sachs and Citi Executives Warn About Artificial Intelligence — Here’s What They Think

New machines can get unlimited power, performance and efficiency. Your job may be on its way to disappearance.

Artificial intelligence (AI) has been the main subject in lots of discussions around the press, TED talks, tech enthusiasts and many more specialists. There is a strong feel that AI will take millions (if not tens of millions) of jobs in every part of the world where manual labour cannot compete with it. Such event would be our next industrial revolution, making any consumer good cheaper, faster and much more efficient.

The banking industry is very aware of this, starting with some of the largest and well-known institutions across this field. Talking with the Financial Times, Jamie Forese (president of Citi) agreed that this trend would have a undeniable impact in the number of jobs inside the bank, saying that nearly 10,000 operational roles could be replaced by machines.

At the same time Richard Gnodde (CEO of Goldman Sachs) agrees with the previous argument, assuring that: “I don’t see why that journey should end anytime soon”.

These are some of the sectors that will be affected severely:

  • Bookkeeping.
  • Telemarketing.
  • Data entry specialists.
  • Receptionists.
  • Market research analysts.
  • Customer attention.
  • So much more.

The coming landscape would be extremely difficult for politicians, lawmakers and the general public, vast unemployment is seen as the source of many unfavourable factors in modern society, including: Corruption, hunger, war, social conflicts, coup d'etat, disease and so on. On the other hand celebrities like engineer Elon Musk, are right now championing the idea of a Universal Income, in which every citizen gets a monthly payment since birth in order to deal with this new panorama where work gets automated, and humans are displaced by machines.

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