November 18, 2017
GS was among the pioneers to replace human traders with AI. At its height back in 2000, the US cash equities trading desk at Goldman Sachs’s New York headquarters employed 600 traders, buying and selling stock on the orders of the investment bank’s large clients. Today there are just two equity traders left. Automated trading programs have taken over the rest of the work, supported by 200 computer engineers. The pattern will be repeated over and over, with 'Warren in a Box' being the most recent example.