These Are The Wall Street Jobs Most Threatened By Robots

These Are The Wall Street Jobs Most Threatened By Robots

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zerohedge.com / by Tyler Durden / Oct 18, 2017 5:45 PM

Cashiers at fast food restaurants aren’t the only workers who should fear being imminently replaced by kiosks and artificial intelligence. Advances in machine-learning software could soon render many high-paying Wall Street jobs obsolete – jobs that will no doubt quickly disappear as electronic trading in equities and foreign exchange markets squeezes trading revenue, forcing banks to seek cost savings elsewhere.

As Bloomberg points out, “the fraternity of bond jockeys, derivatives mavens and stock pickers who’ve long personified the industry are giving way to algorithms, and soon, artificial intelligence.”

Indeed, firms are already rolling out machine-learning software to recommend trades and hedging strategies. And while many of these tools will undoubtedly help the employees who remain vastly improve productivity (if history is any guide), one day soon, the machines may not need much help.

But as anyone in the industry has probably noticed, banks have stepped up recruiting of tech talent since the financial crisis. Of the jobs Goldman Sachs’s securities business posted online in recent months, most were for tech talent.

Billionaire trader Steven Cohen is reportedly experimenting with automating his top money managers. Venture capitalist Marc Andreessen has said 100,000 financial workers aren’t needed to keep money flowing.

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October 18, 2017 at 11:04PM

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Get Ready To Party Like It’s 2008

Get Ready To Party Like It’s 2008

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investmentresearchdynamics.com / 

Apparently Treasury Secretary, ex-Goldman Sachs banker Steven Mnuchin, has threatened Congress with stock crash if Congress didn’t pass a tax reform Bill.  His reason is that the stock market surge since the election was based on the hopes of a big tax cut.  This reminded me of 2008, when then-Treasury Secretary, former Goldman Sachs CEO, Henry Paulson, and Fed Chairman, Ben Bernanke, paraded in front of Congress and threatened a complete systemic collapse if Congress didn’t authorize an $800 billion bailout of the biggest banks.

The U.S. financial system is experiencing an asset “bubble” that is unprecedented in history. This is a bubble that has been fueled by an unprecedented amount of Central Bank money printing and credit creation. As you are well aware, the Fed printed more than $4 trillion dollars of currency that was used to buy Treasury bonds and mortgage securities. But it has also enabled an unprecedented amount of credit creation. This credit availability has further fueled the rampant inflation in asset prices – specifically stocks, bonds and housing, the price of which now exceeds the levels seen in 2008 right before the great financial crisis.

However, you might not be aware that western Central Banks outside of the U.S. continue printing money that is being used to buy stocks and risky bonds. The Bank of Japan now owns more than 75% of that nation’s stock ETFs. The Swiss National Bank holds over $80 billion worth of U.S. stocks, $17 billion of which were purchased in 2017. The European Central Bank, in addition to buying member country sovereign-issued debt is now buying corporate bonds, some of which are non-investment grade.

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October 18, 2017 at 10:49PM

What Reagan Told The NYSE After Black Monday: Thank Heaven For Humans

What Reagan Told The NYSE After Black Monday: Thank Heaven For Humans

go look at TransFS webpage for alot more tips on financial matters

zerohedge.com / by Tyler Durden / Oct 18, 2017 4:51 PM

30 years ago this week, after the dust settled in the largest stock market crash in history, President Reagan wrote a letter to The New York Stock Exchange members…

“During the extraordinary events of the past few days, the New York Stock Exchange has managed to maintain its usual high standard of operational performance.

“The calm, professional manner of dedicated men and women of the Exchange, its member firms and the Securities Industry Automation Corporation striving to meet unprecedented challenges undoubtedly helped assure investors of the soundness of the institution.

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October 18, 2017 at 10:37PM

Cash-Burn Threatens Blue Apron 3.5 Months after IPO

Cash-Burn Threatens Blue Apron 3.5 Months after IPO

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wolfstreet.com / by Wolf Richter / 

Layoffs and cost cuts have commenced.

Let’s get this straight: Layoffs are not a sign of growth for a young money-losing company whose hoped-for explosive growth somehow had justified a “unicorn” valuation not long ago. But that’s what’s happening at Blue Apron, three-and-a half months after its IPO.

In an SEC filing, the meal-kit provider disclosed that it had “implemented a company-wide realignment of personnel to support its strategic priorities” — namely laying off “approximately 6%” of its workforce across “corporate offices and fulfillment centers.”

With 5,393 employees as of June 30, per its first earnings report as a public company on August 10, 6% of the workforce would amount to about 320 people.

At the time, the company also reported that sales rose 18% to $238 million in the quarter. At that rate it would reach about $1 billion in annual sales. But to accomplish this, the bottom line swung from a gain of $5.5 million in the year-earlier quarter to a loss of $31.6 million.

But the company had only $61.6 million in cash and cash equivalent on hand as of June 30 – which is not a lot, considering that in the first half it burned through $70.7 million in cash just from operations, and it burned another $90 million to purchase equipment.

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October 18, 2017 at 10:20PM

After The Recent Weakness In Gold, This Was Sent To KWN By One Of Our Readers

After The Recent Weakness In Gold, This Was Sent To KWN By One Of Our Readers

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kingworldnews.com / October 18, 2017

After the recent weakness in the gold market, this was sent to KWN.

The Big Picture
The chart below was sent to KWN by one of our global readers, Kevin W., who stated, 
“Starting to look like inning 4 of a 9 inning game.”

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October 18, 2017 at 10:10PM

FBI Informant “Threatened” After Offering Details Linking Clinton Foundation To Russian Bribery Case

FBI Informant “Threatened” After Offering Details Linking Clinton Foundation To Russian Bribery Case

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zerohedge.com / by Tyler Durden / Oct 18, 2017 8:55 PM

While the mainstream media has largely ignored it, the scandal surrounding Russian efforts to acquire 20% of America’s uranium reserves, a deal which was ultimately approved by the Obama administration, and more specifically the Committee on Foreign Investment in the United States (CFIUS) which included Hillary Clinton and Eric Holder, is becoming more problematic for Democrats by the hour.

As The Hill pointed out earlier this morning, the latest development in this sordid tale revolves around a man that the FBI used as an informant back in 2009 and beyond to build a case against a Russian perpetrator who ultimately admitted to bribery, extortion and money laundering.  The informant, who is so far only known as “Confidential Source 1,” says that when he attempted to come forward last year with information that linked the Clinton Foundation directly to the scandal he was promptly silenced by the FBI and the Obama administration.

Working as a confidential witness, the businessman made kickback payments to the Russians with the approval of his FBI handlers and gathered other evidence, the records show.

Sources told The Hill the informant’s work was crucial to the government’s ability to crack a multimillion dollar racketeering scheme by Russian nuclear officials on U.S. soil that involved bribery, kickbacks, money laundering and extortion. In the end, the main Russian executive sent to the U.S. to expand Russian President Vladimir Putin’s nuclear business, an executive of an American trucking firm and a Russian financier from New Jersey pled guilty to various crimes in a case that started in 2009 and ended in late 2015.

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October 18, 2017 at 10:01PM

Trading Bots Target Corporate Bonds: Will They Take Over the Bond Market Too?

Trading Bots Target Corporate Bonds: Will They Take Over the Bond Market Too?

look at TransFS webpage for more information and facts on financing

themaven.net / Mike “Mish” Shedlock / 

Banks unleashed new trading software systems in an effort to pick up a share of the $6 trillion corporate-bond market. But many issues are thinly traded. Banks tried before and failed. Will they succeed this time?
The Wall Street Journal reports Machines Took Over the Stock Market. Next Up, Bonds.

Will machines take over the bond market too?

Banks including Credit Suisse Group, Goldman Sachs Group, and Morgan Stanley are all making bets in that direction, unleashing new trading software systems in recent months to pick up share in the $6 trillion market for investment-grade corporate debt.

A recent study by the Bank for International Settlements estimated that only 40% of investment-grade corporate bond trading was executed through computers rather than over the phone, compared with 75% in Treasury-debt trading, 80% in stocks and 90% in a broad array of futures contracts.

Now, investment banks are pushing to stoke more electronic trading in the market, especially with small trades that otherwise might fall through the cracks. It is yet another example of banks turning to technology to try to generate revenue growth at relatively low cost.

Starting with smaller trades, those under $1 million, is a safer route for the banks because it doesn’t threaten the profit margins on the big trades they do with institutions.

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October 18, 2017 at 09:40PM

A Look Inside The Secret Swiss Bunker Where The Ultra Rich Hide Their Bitcoins

A Look Inside The Secret Swiss Bunker Where The Ultra Rich Hide Their Bitcoins

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zerohedge.com / by Tyler Durden / Oct 18, 2017 9:45 PM

Somewhere in the mountains near Switzerland’s Lake Lucerne lies a hidden underground vault containing a vast fortune.

It’s no ordinary vault, according to Quartz. Built inside a decommissioned Swiss military bunker dug into a granite mountain, it’s precise location is a closely guarded secret, and access is limited by myriad security precautions.

But instead of gold bars, the bunker contains hard drives on which customers’ bitcoins are being kept in what’s call “cold storage” – i.e. the owners’ private keys are protected by an air-gapped hard drive. The vault is one of many operated by Xapo, an early bitcoin company known for its cold storage wallet products and a debit card that pays for transactions in digital currencies.

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October 18, 2017 at 09:31PM

GET READY FOR: Severe Weather, Tiny Homesteading, and Cell-Down Communication | Brad Harris

GET READY FOR: Severe Weather, Tiny Homesteading, and Cell-Down Communication | Brad Harris

make sure you visit transfs webpage for more facts on financing

Reluctant Preppers, Published on Oct 18, 2017

In the wake of hurricanes, wildfires, and severe weather all over, what critical preparations must you make to be ready? Newsfeed analyst, preparedness instructor, and host of FullSpectrumSurvival.com, Brad Harris, returns to ReluctantPreppers to share his personal homesteading move story, discuss the beauty of “Tiny Living,” and lay out vital options for maintain family communication in a cell-down disaster scenario.

October 18, 2017 at 09:20PM