The CFTE website has 3 statements:
- Goldman Sachs’ cash equity business employed 600 traders, now it’s 2
- Fintech is forcing banks to a tipping point according to Citi
- Zhong An, a new insurance company in China, now has 500 million clients – in 5 years
This shows the scale and rapidity of changes happening in finance.
In the case of Goldman Sachs, there is clearly a trend for more automation and fewer traders, it’s undeniable. On the other hand, Goldman Sachs now has more software engineers and developers than Facebook, so the nature of the work in banks has also clearly changed.
Citi’s report is a great report about Fintech, and more generally the trend in finance, and everybody interested in that topic should read it.
Finally, Zhong An is a new digital insurance company, launched in China 5 years ago. Their scale is incredible, and clearly shows that technology and new business models are disrupting traditional finance.
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And of course, go to CFTE and register there if you want to learn the news skills of Finance 2.0 – that’s the best investment you can make today: invest in yourself.