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September 20, 2019 04:41 pm

Traders Who Can't Code May Become Extinct, Goldman's Tech Pioneer Warns

Just how important will the ability to write computer code be to a successful career on Wall Street? From a report: According to R. Martin Chavez, an architect of Goldman Sachs Group's effort to transform itself with technology, "It's like writing an English sentence." As Chavez prepares to leave the company, the onetime commodities staffer who rose to posts overseeing technology and ultimately trading is reflecting on his "26-year adventure" in the industry. "The short, short description of it is making money, capital and risk programmable," he said in a Bloomberg Television interview. "There are certainly many kinds of manual activities that computers are just better at." Chavez, 55, outlined strengths that can help humans stay relevant, such as their relationship skills and ability to assess risks. Yet he predicted that longstanding career dichotomies on Wall Street, like trader versus engineer, will go away. To keep working, people will need both of those skills. Even money is going digital, a shift that goes far beyond cryptocurrencies, he said, pointing to the success of Stripe as an example of creating new ways to move funds. Stripe, for its part, has become one of the most valuable companies in Silicon Valley.

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