Robots are poised to disrupt jobs across many sectors according to experts at the Milken Institute's Global Conference. Speakers from McKinsey and Kensho warned that automation could eliminate jobs involving routine data entry or document review. New technologies have already replaced some mining and legal industry jobs. While the gig economy has created some temporary work, companies like Uber are now focused on removing human drivers from vehicles. Overall, the financial industry is expected to see a 30% drop in jobs over the next decade as banks and firms implement more efficient automated processes to cut costs and boost profits in a challenging business environment.

1. A Future of So Many Robots
and So Very Few of Us
At annual conference, rich and powerful warn robots are
coming for jobs across all sectors

2. Contd…
Some of the richest, smartest and most powerful humans have an important message for the rest of
us as they convened this week to discuss pressing global issues: the robots are coming.At the Milken
Institute's Global Conference in Beverly Hills, California, at least four panels, so far, have focused on
technology taking over markets to mining and most importantly, jobs.
“Most of the benefits we see from automation is about higher quality and fewer errors, but in many
cases it does reduce labour,“ Michael Chui, a partner at the McKinsey Global Institute, said on
Tuesday during a panel on “Is any job truly safe?“ The four-day annual conference, which began on
Sunday, has 3,500 invite-only participants exploring “The Future of Human Kind.“
Technology has done away with low-wage and low-skill jobs, some of the more than 700 speakers
said.They cited robot-operated trucks in some Australian mines; corporate litigation software
replacing employees with advanced degrees who used to sift through thousands of documents prior
to trials; and on Wall Street, the automation of jobs previously done by bankers with MBAs or PhDs.
“Anyone whose job is moving data from one spreadsheet to another ..., that's what is going to get
automated,“ said Daniel Nadler, chief executive of Kensho, a financial services analytics company
partly owned by Goldman Sachs Group.

3. Contd…
“Goldman Sachs will be here in 10 years, JP Morgan will be here. They're just going to be
much more efficient in terms of operating leverage and headcount,“ he added.
Big banks have slashed thousands of jobs in recent years as businesses like bond trading
have become less profitable. Under tremendous pressure from in vestors to boost profits
and inability to create much revenue, banks have increasingly turned to technology to
reduce costs.
A Citigroup report in March suggested that more pain is on the way for financial industry
staff.Citi's analysts predicted a 30% drop in banking jobs across the United States and
Europe over the next decade.
Milken panelists noted technology's impact on work far beyond Wall Street.
Martin Ford, an author and entrepreneur, argued that while the so-called gig economy has
created temporary jobs for independent contractors, the next step is to get rid of them.
The ride-hailing service Uber, for example, is investing heavily in building cars that do no
need drivers, he said. -Reuters

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