Goldman Sachs CIO Marco Argenti has announced that the company will launch a powerful AI tool that could be used for tasks traditionally delegated to junior bankers. The introduction of the AI tool has fueled fears about the AI takeover and the concern that technology will soon eliminate entry-level jobs.
“Today marks an important moment in our AI journey as we are excited to announce the firmwide launch of the GS AI Assistant – the first generative AI-powered tool to reach this scale,” Argenti stated in his company-wide message.
The technology is designed to work behind the company firewall for security reasons and is meant to improve employee efficiency. The AI assistant had previously been introduced to 10,000 of its approximately 46,500 global employees.
Argenti expanded in his memo, “Thousands of our people are already using the GS AI Assistant, and I hope all of you will start exploring how the tool can positively impact your daily tasks and boost productivity, from summarizing complex documents. and drafting initial content to performing data analysis.” Sources familiar with Goldman’s decision told the New York Post that it does not mean the bank is handing the keys to a supercomputer, and that the technology would free up bankers to focus on higher-value tasks.
While a spokesperson for the Wall Street powerhouse told the New York Post that its workforce remains their “most valuable asset,” a report by Bloomberg Intelligence published in January estimated that “global banks will cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers.” According to the study, back- and middle-office roles that perform routine items such as data entry and customer service are under the most threat.
Though a divisive decision, Goldman Sachs is not the only financial titan to implement the use of AI assistants for its employees. Morgan Stanley and JPMorgan also offer internal tools for workers to streamline efficiency and eliminate unnecessary manual steps.
