Employing robots threatens workers in higher-paying positions

Bloomberg News revealed that "robots" robots have replaced thousands of workers with routine jobs on the Wall Street Stock Exchange in New York City, noting that it has begun using them to replace workers in High-paying positions.

Marcus Lopez de Prado, a professor at Cornell University in the United States and former head of the machine learning and artificial intelligence division of "AQR Capital Management" for investment management, stressed this matter during a hearing held by the Financial Services Committee in the US House of Representatives on Friday about the impact of artificial intelligence on markets Money and jobs.

De Prado said that the use of algorithms in electronic markets has contributed to the automation of tens of thousands of customers worldwide with the automation system.

Robots have replaced the people responsible for the price-setting function as well as the risk-assessment function and the creation of investment portfolios.

De Prado added that employing robots in the financial field leads to a number of challenges for the 6 million people working in the finance and insurance sector, where many of them will lose their jobs - not necessarily because they are replaced by machines, but because they are not trained to work alongside algorithms.

During the two-hour hearing, panelists asked experts about racial bias, gender bias in artificial intelligence, competition for highly skilled technology workers, as well as challenges to regulating increasingly complex financial markets based on data availability.

 

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