Technology

With high-margin FICC revenues stuck in a secular decline across the financial industry, banks are forced to extract as much profit as possible from existing product lines. Which explains why JPMorgan will soon be using a "first-of-its-kind robot" to do away with carbon-based traders altogether and execute trades across its global equities algorithms business using a "robot", after a recent trial of JPM's new artificial intelligence (AI) program showed it was "much more efficient than traditional methods of buying and selling", the FT reports.

Submitted by Wolf Richter of WolfStreet

Tired of feeding an opaque, slimy industry of bots and fake clicks

Authored by Paul Craig Roberts,

PCR Takes a Look at Today’s “Top Stories” on Bloomberg

“Jeff Bezos briefly overtook Bill Gates as the world’s richest person. A surge in Amazon shares Thursday morning in advance of its earnings report gave Bezos a net worth of $92.3 billion, surpassing the Microsoft founder’s $90.8 billion fortune.

 

 

In afternoon trading, Bezos remains ranked second on the Bloomberg Billionaires Index. Gates has held the top spot since May 2013.”

PCR Takes a Look at Today’s “Top Stories”

There is little doubt that Amazon operates some of the most technologically advanced warehouses in the world.  As of the end of 2016, the Seattle Times noted that the company 'employed' roughly 45,000 robots spread across 20 fulfillment centers around the country.