(Bloomberg) -- Wall Street’s future will be dominated by firms that embrace technology from electronic fixed-income trading to blockchain and predictive algorithms, reducing the need for people in the front and back office, according to McKinsey & Co.

Global investment banks that successfully adopt automated trading and other measures can increase profit by 30 percent, the consulting firm said in a report released Wednesday. Smaller firms should take a more targeted approach, using technology to streamline operations and trim costs, according to the paper titled “Two Routes to Digital Success in Capital Markets.”

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