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Big Banks Will Fall First To AI, China’s Most Famous VC Predicts

An anonymous reader writes: Wall Street will be one of the first and largest industries to be automated by artificial intelligence, predicts Kai-Fu Lee, China’s most famous venture capitalist and former Microsoft and Google executive. Lenders, money managers, and analysts — any jobs that involve crunching numbers to estimate a return — are at risk. “Banks have the curse of the baggage they have, like Kodak letting go of film,” Lee says. “Their DNA is all wrong.” […] The big banks that dominate now, the venture capitalist predicts they will be outmaneuvered by smaller startups able to deploy new technology much faster.

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