Category Archives: Canadians

As Goldman Embraces Automation, Even the Masters of the Universe Are Threatened

Description:   At its height back in 2000, the U.S. cash equities trading desk at Goldman Sachs’s New York headquarters employed 600 traders, buying and selling stock on the orders of the investment bank’s large clients. Today there are just two equity traders left.

Source: MIT Technology Review

Date: Feb 7, 2017

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The experience of its New York traders is just one early example of a transformation of Goldman Sachs, and increasingly other Wall Street firms, that began with the rise in computerized trading, but has accelerated over the past five years, moving into more fields of finance that humans once dominated. Chavez, who will become chief financial officer in April, says areas of trading like currencies and even parts of business lines like investment banking are moving in the same automated direction that equities have already traveled.

Today, nearly 45 percent of trading is done electronically, according to Coalition, a U.K. firm that tracks the industry. In addition to back-office clerical workers, on Wall Street machines are replacing a lot of highly paid people, too.   READ REST OF STORY

 Questions for discussion:

1. Do you feel that that Computerized trading and AI will make the financial industry almost a employee less industry ?  Why or Why not?

2.  Do you feel that Government industries are susceptible to this sort of computerization and AI to reduces Public service employees in Canada by a significant amount?   explain

Canadians’ Internet usage nearly double the worldwide average

DESCRIPTION: CANUCKS SPEND MORE TIME ONLINE THAN ANYONE ELSE ON EARTH, ACCORDING TO NEW DATA FROM WEB RESEARCH FIRM COMSCORE. AND IT’S NOT EVEN BY A SMALL MARGIN – THE AVERAGE CANADIAN SPENDS 43.5 HOURS A MONTH ON THE WEB, ALMOST TWICE THE WORLDWIDE AVERAGE OF 23.1 HOURS.

SOURCE: GLOBE&MAIL.COM

Date: March 8, 2011

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According to the comScore report, the number of unique online visitors in Canada hovered at about 23 million users in the fourth quarter of 2010, almost unchanged from the same period a year earlier, and less than a 10th of the number of Web users in China. Of 11 countries surveyed, Canada ranks first in the number of website visits per user per month, at 95.2, and second only to South Korea in number of pages viewed, at 3,349. Read rest of story

Questions for discussion:

1. Why do you feel that Canadians use more Internet that other countries?

2. Are there any downsides to Canada as a result of Canadians using the Internet more than others?