NYSE trader Peter Tuchman says AI can't replace human brokers

Tuchman, along with his son Benny, who is also a broker at the exchange, argues that human involvement in financial transactions is crucial for fostering trust with clients. While the vast majority of stock trades are now executed digitally, human brokers still play a role in handling larger and more complex institutional orders.

The number of individuals working on the NYSE trading floor has dwindled significantly over the decades, from a peak of over 3,000 brokers and clerks to around 1,700 in 2007, according to historical reports. Tuchman acknowledges the technological shifts and has adapted by increasing his social media and television presence, and even launched a trading education business with former NYSE trader David Green during the pandemic.

Despite the rise of AI and its potential to automate more tasks, Tuchman and his son are vocal about their desire to maintain the human element in the marketplace, expressing a commitment to their roles and the legacy they hope to build.