Two Sigma Co-Founder `Very Worried’ Machines Will Take Jobs (2)

David Siegel, co-founder of $35 billion quantitative hedge fund Two Sigma, says he’s “very worried” that machines could soon cost large swaths of the global workforce their jobs. “Most people in the bulk of the job market are not involved in super-high-value jobs,” Siegel said at the Milken Institute Global Conference in Beverly Hills, California on Monday. “They are doing routine work and tasks and it’s precisely these tasks that computers are going to be better at doing,” just as the advent of the combustion engine led to horses being replaced and ATMs displacing most bank tellers, he said. The Australian mining industry already employs robotic vehicles equipped with self-driving technology to extract raw materials, instead of using truck drivers, he said. Facebook Inc. requires comparatively “zero” workers to manage…

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