What’s Causing the Financial Industry to Lose So Many Jobs?

CEI’s Ryan Young was cited regarding the finance industry losing jobs in an article by The Washington Sun.

The latest numbers raise the possibility that the industry’s job market is contracting as AI is increasingly adopted.

“It stands to reason, at least some of it is due to AI,” said Ryan Young, a senior economist at the libertarian think tank Competitive Enterprise Institute. “AIs can do a lot of the grunt work that a lot of finance quants are doing right now, but humans still have to think of what questions to ask those models. They have to interpret what those models say, make decisions based on those.”

Financial firms have for years predicted AI would reduce their need for operations and technology staff, and increase roles in governance and compliance. Banks have outfitted their employees with AI training to boost productivity and invested tremendous amounts in the rapidly proliferating tech.

The full article can be read at The Washington Sun.