By Richard Waters — Financial Times
If Daniel Nadler is right, a generation of college graduates with well-paid positions as junior researchers and analysts in the banking industry should be worried about their jobs. Very worried.
Mr Nadler’s start-up, staffed with ex–Google engineers and backed partly by money from Google’s venture capital arm, is trying to put them out of work.
Its algorithms assess how different securities are likely to react after the release of a market-moving piece of information, such as a monthly employment report. That is the kind of work usually done by well-educated junior analysts, who pull data from terminals, fill in spreadsheets and crunch numbers. “There are several hundred thousand people employed in that capacity. We do it with machines,” says Mr Nadler. “We’re not competing with other [tech] providers. We’re competing with people.”