The pandemic is ushering in more changes in the workforce:
Artificial intelligence, algorithms, electronic trading and automation has taken jobs away from thousands of traders. Investment banks seek people who have the math, technology, software,If you look around any trading floor today, you’ll only hear a slight hum and see the flickering lights of the Bloomberg terminals and computer screens. Only a short while ago, you would have heard the vibrant, rambunctious atmosphere of sales and traders crying out to customers and counterparts.
When you see footage on cable news about the stock market, they’ll usually show a busy, open-outcry market on the floor of the New York Stock Exchange. It's really a Potemkin village. The cameras shoot where there are some live traders and support staff herded into one small area. In reality, the New York Stock Exchange floor is devoid of humans and runs primarily on technology conducting the electronic trading activities.
Now that remote work has proven successful, it's getting increasingly harder for businesses to demand their staff to go into an office five days a week. For those who are not familiar with New York City and its surrounding suburbs, commuting is a frustrating nightmare. It's too long of a trek and very expensive. Taking a train, bus or driving from Long Island, New Jersey or Connecticut is a complete waste of time, energy and money—especially as we now have a remote option.
With less services, the cities become dirtier, crime increases and living conditions worsen. This will prompt even more people to move. A cascading downward spiral could occur, making places, like New York, dangerous and inhospitable. It could become just like in the dark days of New York in the ‘70s. It took over a decade to turn things back around.
On a positive note, the office buildings can be retrofitted to become a mixed usage of residential, office space, retail stores and shops. This has already happened on Wall Street. Where there were once only banks and brokerage firms, now it's post-college young adults, families and the stores, restaurants and shops that serve them.
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