Citadel Securities’ Zhao Says AI Frees Humans for Bigger Tasks

(Bloomberg) -- Citadel Securities Chief Executive Officer Peng Zhao said he sees automation and artificial intelligence freeing workers for innovative pursuits, not replacing people in the workplace.

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“I am personally very optimistic with the current AI revolution that we’re facing,” Zhao said Monday at the Milken Institute Global Conference in Beverly Hills, California. “Being liberated from the repetitive, mental laboring aspect of what we have to do as humans, that allows humans to focus upon the highest-value portion of planning.”

Citadel Securities, the market-making firm that runs parallel to Ken Griffin’s hedge fund, employs as many researchers as traders, working alongside artificial intelligence and other advanced technologies, Zhao said. Griffin said earlier this year that his firms were negotiating contracts with AI technology providers.

“We’re actively exploring and brainstorming about various, different-use cases,” Zhao said. “The company and many individuals, including myself, have been playing on this technology in our personal time.”

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