Goldman Sachs has replaced 600 traders at its US cash equities trading desk with automated trading programs supported by 200 computer engineers.<\/p>\n
MIT Technology Review reported<\/strong><\/a> that at its height in 2000, 600 traders bought and sold on the orders of the investment bank\u2019s clients.<\/p>\n Fast forward 16 years, and Goldman Sachs has only two equity traders left, with automated trading programs doing the work.<\/p>\n The transformation at Goldman Sachs is not unique, with\u00a0other Wall Street firms\u00a0moving to software solutions.<\/p>\n Goldman Sachs CFO Marty Chavez said computer systems are moving into more financial fields where humans once dominated.<\/p>\n Goldman Sachs has already begun to automate currency trading and has found that four traders can be replaced by one computer engineer.<\/p>\n \u201c9,000 people, about one-third of Goldman\u2019s staff, are computer engineers,\u201d said Chavez.<\/p>\n Goldman Sachs has replaced 600 traders at its US cash equities trading desk with automated trading programs.<\/p>\n","protected":false},"author":23,"featured_media":161724,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[31750],"tags":[41183,6050,7699],"class_list":["post-197787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","tag-automated-trading-programs","tag-goldman-sachs","tag-mit"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/197787"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=197787"}],"version-history":[{"count":2,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/197787\/revisions"}],"predecessor-version":[{"id":197793,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/197787\/revisions\/197793"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/161724"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=197787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=197787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=197787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Now read:\u00a0LG\u2019s Hub Robot helps with household tasks<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"