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Goldman Sachs is cutting roughly 5% of its sales and trading staff as its new CEO, David Solomon, conducts a review of the business and looks for ways to improve collaboration between the divisions.JPMorgan and Citigroup just closed bond desks for smaller trades in favor of algorithms. It's another sign that robots are taking over.
Some of Wall Street's biggest corporate bond dealers are replacing humans with algorithms for a portion of their trades, another sign the robot revolution is in full swing. Investors are starting to freak out about the amount of their activity being monitored and monetized by investment banks Investors need to be more careful than ever about how they click, talk, and type. Investment banks are watching.
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