A 227-year-old financial firm CEO explains why the tech revolution won't hurt City jobs.

The robot revolution is here.
Photo: Ivan Alvarado/Reuters

The greater use of technology, namely artificial intelligence automation, is revolutionising business. But widespread adoption is also creating a pipeline of problems for the human workforce.

Last year, global consultancy giant McKinsey revealed in a benchmark report that more than a fifth of the global labour force are at risk of losing their jobs due to automation. That’s the equivalent of 800 million workers worldwide. After looking at 46 nations and more than 800 job types, it found that while robots will “increase productivity and improve our lives,” unless workers, businesses, and governments recognise this risk, then there will be millions of displaced staff.

However, financial firms have been a bit more optimistic on the impact of white collar jobs on Wall Street and other business hubs. Even the boss of a 227-year old investment firm Charles Stanley (CAY.L), which has $30.8bn (£23.8bn) of assets under management, believes that the industry and workers within it, will be able to weather that transition.

By Lianna Brinded. 

Full story at Yahoo News.