Summary of Automating the Wall Street Rainmaker

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Rating

8 Overall

8 Importance

8 Innovation

9 Style


Recommendation

Machine and deep learning, algorithms, and other innovations continue to disrupt entire industries and business models. Finance is certainly not immune, as computer trading and data analytics have transformed capital markets. However, executives still think that artificial intelligence will never replace the human element of investment banking, because no technology can replicate the relationship-driven aspects of the business. Reporter Sonali Basak explores the tech possibilities in the investment banking ecosystem in this engaging and valuable overview for corporate executives and Wall Street professionals.

In this summary, you will learn

  • How technology is changing investment banking,
  • What bankers can expect in this new environment, and
  • How innovation can enhance a banker’s current role.
 

About the Author

Sonali Basak reports on Wall Street for Bloomberg Businessweek.

 

Summary

Investment bankers craft mergers and acquisitions, initial public offerings, leveraged buyouts and financial engineering. But even as new technologies overtake capital markets, investment banking remains relatively unscathed. Innovations such as machine learning, artificial intelligence and digital platforms have barely penetrated the interpersonal sphere of corporate boardrooms, one-to-one relationships and client-centric approaches. However, automation can handle more routine investment banking processes such as due diligence, regulatory navigation, accounting procedures and data analytics, which would enable Wall Street firms to slash their staffs by 30%.


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