David A Steinberg, CEO of Zeta Global, anticipates a significant shift in Wall Street jobs due to the influence of artificial intelligence (AI).
What Happened: Steinberg shared his views on the future of Wall Street jobs while talking to Brian Sullivan during CNBC’s “Last Call” from the Milken Institute.
"We are going to see a lot of jobs destroyed, but a lot of jobs created,” he said.
“So it is going to be very interesting to see how retooling of employment really pivots and changes things. We are going to see AI doing what most analysts do today.”
Steinberg's prediction aligns with the ongoing debate on the impact of AI on the job market. While some fear job losses, others see potential for job creation and increased wages.
Why It Matters: The International Monetary Fund (IMF) has warned that AI could influence nearly 40% of jobs worldwide, with advanced economies expected to bear the brunt of this impact.
However, Microsoft Corp. MSFT CEO Satya Nadella has a more optimistic view, suggesting that AI could help increase wages as employees can provide more expertise.
Meanwhile, the Institute for Public Policy Research has warned that the U.K. could lose up to eight million jobs due to the increasing integration of AI in the workplace.
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