[ad_1]
The departure of Lloyd Blankfein, one of the most powerful bankers in the world, from Goldman Sachs Bank has opened a new era on Wall Street, where technological advances and the use of robots Effect intermediaries. A few weeks before the 10th anniversary of the bankruptcy of Lehman Brothers, which caused the most severe financial crisis since the Great Depression, Goldman Sachs confirmed Tuesday that Blankfein, 63, will leave the banking group 12 years after his arrival. The mediator, who used his campaign during Republican candidate Donald Trump's campaign in 2016 in commercials condemning the excesses of financiers, was one of the last "giants" of the US stock market. "It's the end of an era dominated by middlemen and the beginning of an era that was the result of the technical revolution," said Richard Puff, a specialist at Hilton Capital Management. In the first six Wall Street banks, only JPMorgan president Jimmy Demen was in a crisis position. For Citigroup, Vikram Pandit left in 2012, while Ken Lewis, Bank of America and John Mac, left Morgan Stanley in 2010. In 2016, a false banking scandal at John Stumpf in Wells Fargo Bank was ruled out. In this new "post-mediation" world, a large bank must have "close" relationships with families "because they save and spend," Bove said. Before the financial crisis, brokerage activities in financial products were the source of money. But the paper has been redistributed after tightening financial regulation, the entry of technology into the financial sector and the success of ETFs that enable risk reduction and cost reduction. Financial technologies and startups offering financial services to individuals and small- and medium-sized businesses have also emerged, including Finmo, which allows quick and cashless transfers, or WealthFront, which enables portfolio management. Faced with this change, the big banks, well placed by the tests of solvency of the Fed, turned towards these new technologies and became more engaged in the robots. It is possible, for example, to deposit a check via a smartphone. With advanced artificial intelligence, robots can analyze data, conduct trade-offs and place orders to buy or sell shares, tasks previously performed by intermediaries. As a result, about 30 percent of jobs in the banking sector will be eliminated by 2025 in the United States, Citigroup estimates. "Computers kill mediators and financial analysts," said Richard Bove. Goldman Sachs, who knows that the brokerage will not make the money as before and will celebrate its 150th birthday next year, has decided to diversify its activities and improve its image in the future. opening to the public. The powerful bank, which often symbolizes its financial viability vis-à-vis its clients, has been a magnet for Marcos, a virtual platform that offers loans and deposits of individuals and small and medium-sized businesses. It opens branches in mid-sized cities in the United States. "Goldman Sachs wants to start with a blank page," said Marty Mosby, an analyst at Spinning Sparks, "he wants to be free from what he's done in recent years and show that he can evolve."
Source link
