JPMorgan Chase and Citi each spend $2B to $4B annually on compliance
Bradford Cross · AI Startup Predictions // Bradford Cross - A fireside chat with Matt Turck (FirstMark's Data Driven) · Sep 28, 2017 · at 3:10
Bradford Cross, Founder and CEO of Merlon Intelligence and co-founder of Data Collective, discusses compliance and anti-money laundering overhead in large financial institutions.
0:00 / 0:10exact quote · 10.4s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“The big ones, like JPMorgan Chase, Citi, et cetera, have 10,000 plus analysts working on this every year. They're spending two to four billion dollars a year on compliance.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Bradford Cross
Investors funding AI startups without scientific competency will lose money
“So I think as, insofar as that continues to happen, Those people are gonna lose a lot of money.”
Big tech companies will lose massive amounts of money on ML APIs
“I do not think that these numbers are going to be good for these machine learning APIs. And I think those bigger companies are going to lose a massive amount of money over the next several years.”
Silicon Valley will see few consumer tech wins before a major correction
“I don't expect to see very many consumer success stories coming from Silicon Valley right now, until we have a major correction.”
Most companies cannot adopt machine learning due to limited talent pools
“I think actually most companies will not be able to use, ah, machine learning. Even though deep learning may be commodity within the machine learning community is still way too small to be commodity overall.”
Top machine learning talent is heavily concentrated at Google and Facebook
“Almost all of the really smart machine learning people are in less than 10 companies in the world. They're actually in less than five, right? In fact, they're mostly all at Google and Facebook.”
Twitter's Magic Pony acquisition marked the peak of AI talent premiums
“But I think that's, you know, that was the sort of tailing off of the, for me, the Twitter Magic Pony deal was kind of the, ah, the tail end of this absurd, extraordinary premium on, on deep learning, and then now, more and more, it's becoming just part of the…”