- Wall Street banks are ramping up spending on technology and hiring more people with tech skills.
- Bank of America's chief tech officer says that the technological shift is happening too fast for folks on Wall Street to adapt.
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An alarming sentence about automation from Bank of America's tech chief should put Wall Streeters on notice (BAC)
Job losses are on the way.
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Technology is moving front and center on Wall Street, and it has many people worried about their jobs.
Wall Street is ramping up spending on technology and hiring more people with tech skills, especially in trading where profits have been harder to come by and banks are looking to cut costs.
So that means traditional Wall Streeters need to brush up on their tech skills, right? It turns out that it might not be so simple. There's a good chance that even if a trader tries to adjust to this shifting landscape, by sharpening his or her tech skills or learning how to read code, they could still lose their jobs.
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Bloomberg is running a series of stories on the tech revolution on Wall Street, and in a story by Sarah Ponczek and Dakin Campbell, the chief technology and operations officer at Bank of America, said technology is changing too fast for folks in finance to catch up.
"Those of us in leadership roles know what's coming, we're helping to drive it and know what skill sets we need," said
Wall Streeters, consider yourselves warned.
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