 "technology")
New technologies are poised to sweep through investment banks, relieving many rank-and-file employees of roughly a third of their current workload, according to McKinsey & Co. The shift, already stoking angst on Wall Street, may take only a few years.
Cognitive technologies — applications or machines that perform tasks once requiring human thought — are now cheap enough that banks can deploy them across operations facilitating trades or other capital-markets business. In a report Thursday, McKinsey said automating tasks will “free up capacity” for staff to focus on higher-value work, such as research, generating new ideas or tending to clients.
