(Bloomberg Opinion) -- Can’t code, or speak Bahasa? Didn’t go to school with a CEO’s son or daughter? A robot will take your trading seat. Read on if you want to save your job.
Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Lifehacks for When a Robot Wants Your Job
BNN Bloomberg | | Jul 14, 2018
(Bloomberg Opinion) -- Can’t code, or speak Bahasa? Didn’t go to school with a CEO’s son or daughter? A robot will take your trading seat. Read on if you want to save your job.
The threat from automation is in the flows part of banks’ global markets business, the most important chunk of the biggest division of investment banking. Investment banks garner 70 percent of their revenue from global markets, made up of trading stocks and bonds, as well as structuring derivatives products and financing; the remaining 30 percent comes from advisory services like shepherding M&As or helping companies raise equity and debt.
The higher-margin areas within markets — from structuring to swaps — is relationship-oriented, and therefore (relatively) safe from robot overlords. And it happens to be a big contributor to the 70 percent pie, especially in Asia, where commissions on equities and fixed-income trades are sinking fast, and language and client connections play a big role. Good news? Read on.
With the flows business comprising 51 percent of banks’ global markets revenue of $109.8 billion last year, according to Coalition data, automation of even vanilla trades is no small threat. Besides, the 30 percent advisory pie of investment banking revenue outside global markets only pays well when banks counsel on large cross-border transactions or underwrite big IPOs.
See: Charlene Cieslik, Chief Anti-Money Laundering Officer of Coinsquare, Joins the National Crowdfunding & Fintech Association of Canada’s Advisory Group
In Asia, the former is largely a Japanese game since China pulled the plug on deal-making by its overly ambitious conglomerates. And large share sales only happen in a few markets. India may be the second-biggest destination for cheap Xiaomi phones, but the Chinese firm’s Hong Kong IPO probably made more for banks than the entire Indian equity advisory industry will earn in fees this year, as a senior finance executive told one of us.
Desks have already shrunk, and will get smaller still. A decade from now all trading will be electronic. Last year, JPMorgan Chase & Co. Chairman Jamie Dimon famously boasted of a currency trader that made a $100 million bet via a cell phone. That’s the shape of things to come.
In contrast to the early days of the 2008 financial crisis, when tech was culled to cut costs, digital upgrades are now seen as both an operational necessity and a strategic differentiator. Tech spending in global-markets divisions of investment banks has risen to $16.5 billion at the 12 institutions Coalition canvassed, from $13.8 billion in 2013. A chunk of that is maintenance of bulky legacy systems, but Amrit Shahani, a London-based research director at Coalition, says large Wall Street and European banks are each spending around 10 percent, or a giddy $1 billion of their annual revenue, to stay relevant.
Chief technology officers are pushing for even bigger budgets. Their teams are the financial coders who’ve created bespoke systems for Goldman Sachs Group Inc. and the like and who are increasingly sitting on trading floors so that precious minutes aren’t wasted talking to someone in Bangalore when a huge deal blows up. Contract workers from third-party firms like PageGroup Plc’s Michael Page and Robert Walters Plc are getting seconded for a few years to help run trading floors smoothly. Headhunters say a $155,000 salary (excluding bonuses) for someone with eight years’ experience isn’t uncommon in Hong Kong, for instance. It’s not exactly banker comp, but it’s rising much faster.
Beyond the coders are the bankers-cum-traders-cum-tech thinkers.
See: The world’s new oil and AI’s imminent impact on the future of Fintech
Nomura Holdings Inc. in February hired Jezri Mohideen, a former senior trader at Royal Bank of Scotland Group Plc and Brevan Howard Asset Management, to be its global chief digital officer for investment banking. Based in Dubai, part of his job is to set up artificial-intelligence labs and merge the old and new worlds of asset custody.
Talk to any senior banker or trader and they’ll tell you there’s a lot of soul-searching going on amid threats from fintech and blockchain. The challenges are even more pressing for consumer and private banks, as well as in some corners of corporate lending such as trade finance.
Barclays Plc’s wealth management and investment operations head in the U.K. is Dirk Klee, previously at UBS Group AG’s wealth arm in technology and digital services. Singapore’s DBS Group Holdings Ltd. CEO Piyush Gupta is using open-application-programming interfaces to blur the boundaries between payments and commerce. If he doesn’t do it, Ant Financial’s Alipay or upstarts such as ride-hailing service PT Go-Jek Indonesia surely will. In trade finance, using blockchain to retire paperwork older than Shakespeare’s “Merchant of Venice” is a project both Singapore and Hong Kong are working on.
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Crypto | Sep 20, 2023 Bitbuy, a subsidiary of WonderFi Technologies Inc., has announced a strategic partnership with Localcoin, Canada's largest Bitcoin ATM provider. This collaboration aims to enhance cryptocurrency adoption and accessibility across Canada. Expanding Access to Crypto Localcoin, established in 2017, has been a pioneer in the cryptocurrency ATM sector in Canada. With 920 ATMs, it captures 33% of the cryptocurrency ATM market share in the country. Localcoin chose Bitbuy for its scale, commitment to the Canadian market, and robust regulatory positioning. Bitbuy's digital asset services will soon power nearly 50% of Canada's Bitcoin ATMs. This is a testament to the scale and reach of the partnership. See: Bitbuy to Offer Stock Trading to Its Users Bitbuy is on track to surpass 900,000 registered Canadian users by the end of the month, making it one of the country's largest crypto-trading platforms. The platform caters to a diverse user base, including retail and advanced traders, high-net-worth individuals, and institutional clients. This partnership solidifies both companies' positions as leaders in the Canadian cryptocurrency space. This collaboration ensures that Canadians have more touchpoints to access cryptocurrencies, making it easier for both novices and experts to buy or sell digital assets. Improving ...
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M&A | Sep 19, 2023 Hut 8 Mining has received the final nod from the Supreme Court of British Columbia to merge with U.S. Data Mining Group, known as US Bitcoin Corp. This strategic move aims to bolster their position in the North American market, combining both bitcoin and fiat revenues. The merger is expected to enhance their operational capacity and expand their presence in the stock market. Final Approval for Merger Hut 8 Mining has secured the final court approval from the Supreme Court of British Columbia to complete its merger with U.S. Data Mining Group, which operates under the name US Bitcoin Corp. This merger had been in the works since February 2023 and was contingent on both shareholder and regulatory approvals. See: Proposed Changes to Crypto Mining GST/HST Rules: What’s Capture and What’s Not? Strategic Positioning The merger is an all-stock merger of equals and is anticipated to create a robust business entity in North America, backed by both bitcoin and fiat revenues. The combined entity, named Hut 8 Corporation or "New Hut," will be publicly traded in the United States. This move is expected to significantly enhance their operational capacity, with access to 825 megawatts across ...
AI | Sep 19, 2023 As AI-driven tools and platforms continue to evolve, they promise efficiency, accuracy, and convenience. But does this mean the end of the human touch in financial advisory? In an era where Artificial Intelligence (AI) is revolutionizing various sectors, the domain of personal finance stands out as one where the human touch remains indispensable. While AI brings a plethora of benefits to the table, there are certain nuances and intricacies that only a human can cater to. 1. Emotional Quotient Money matters are deeply personal and often intertwined with emotions. For instance, consider a young couple grappling with the decision to buy their first home. While AI can provide data on market trends, interest rates, and property valuations, it cannot understand the emotional significance of their first home purchase. A human advisor, on the other hand, can empathize with their excitement and anxieties, offering comfort and guidance during this significant life event. When someone faces a financial setback, such as job loss or a market downturn affecting their investments, they need more than just data-driven advice. They need reassurance, a listening ear, and sometimes even a shoulder to lean on. This emotional support is something that ...
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