AI will not cause Hedge Funds to Cut Employees

As AI takes the world by storm, many in the financial industry are concerned for their jobs.

A survey of employees in the banking and insurance world revealed that nearly 75% believe that AI is a threat to their jobs. 33% anticipate AI related layoffs of 30% in the next three years. 

Gary Collier, Chief Technology Officer of Man Group, issued a reassuring message to the Financial Times, “At least in the next five-10 years I don’t expect big technology job cuts due to the AI boom… People should not be scared of AI. If anything, we are planning to expand our team and are looking for software developers and engineers in particular to build our next generation of technology products,”.

Rather than cutting jobs due to the increased capabilities of AI, Collier maintains that the finance industry will continue to hire innovative individuals who can use AI to discover the next big things.

Collier explained, “The number of ideas that the firms have and their desire to build products based on AI technology are greater than the available pool of talent…the new AI talent is adding value to the firms and helping them build innovative products.”

Published by James Heinsman

James has worked as a hedge fund manager for years. As someone who has always enjoyed multi-tasking, James brings his vast financial experience and his hedge fund background to his position as writer and editor for Hedge Crunch. Editor James Heinsman can be contacted at james(at)hedgecrunch.com.