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AI has triggered a wave of layoffs on Wall Street! The number of unemployed individuals in the next three years may exceed 200,000.
The report indicated that in the next 3 to 5 years, due to AI 'encroaching' on human jobs, Global Banks will lay off up to 200,000 people, with backend, mid-office, and Operation positions facing the highest risks. At the same time, 80% of respondents expect that generative AI will increase productivity and income by at least 5% during this period.
(I am only speculating here.)
Tonyco : Goldman Sachs is a terrible source for anything.
The firm has consistently missed the mark with its projections for the S&P 500's yearly performance.
Over the past five years, Goldman Sachs has been at least 10% off in its year-end projections for the S&P 500, with the average forecast falling 14% short.
In 2020, 2021, and 2022, Goldman's predictions for the S&P 500's closing value were off by 10%, 11%, and 24% respectively.
Take what they say with grain of salt.
Tonyco : A study analyzing 6,627 forecasts made by 68 forecasters found that only 48% of forecasts were correct, with the majority performing at levels not significantly different from chance
The Terrible Track Record of Wall Street Forecasts
"Abbey Joseph Cohen, formerly a partner and chief U.S. investment strategist at Goldman Sachs, fared even worse. Her accuracy rating was only 35%, well below the average of 47%."
WarlockofWallstreet OP Tonyco : I generally see it as an inverse Cramer and a potential signal for an upside. They know the average investor will follow articles and will potentially sell. I still recall SBNY when it was 0.0003$. every news outlet, law firm, broker, and bank said it's over, and it's never going back up. I loaded up lol, and it went up 23000% a few months later. they all have a conflict of interest if you make
WarlockofWallstreet OP : there are two ways I see this.
1) potential short term over reaction of retail, which brings price down.
2) potential long-term bulish reversal
Ultratech : they've been saying that for years