Goldman Sachs Develops AI to Mimic Seasoned Bankers

Goldman Sachs is introducing a cutting-edge generative AI assistant aimed at replicating the thought processes and actions of an experienced banker, according to Finextra. Dubbed the GS AI assistant, the program is currently being rolled out to around 10,000 employees, with plans to expand access to all the company’s knowledge workers by the end of the year, according to Chief Information Officer Marco Argenti.

The AI assistant is designed to handle various tasks, including summarizing emails, proofreading, and translating code between programming languages. While its current capabilities focus on responding to queries, composing emails, and condensing lengthy documents, Goldman Sachs envisions future iterations of the AI developing advanced, autonomous abilities that will enable it to execute complex, multistep tasks with minimal human oversight.

Argenti, who joined Goldman Sachs from Amazon in 2019, likened the AI’s development to onboarding a new employee who gradually absorbs the firm’s culture and practices. «The AI assistant becomes really like talking to another GS employee,» he explained in an interview with CNBC. «As we progress, the second step is when you’re starting to have this agentic behavior. That’s where the model is going to start to do things like a Goldman employee, not only say things like a Goldman employee.»

Initially, the AI will rely on data from Goldman Sachs, processed using advanced models such as OpenAI’s ChatGPT, Google’s Gemini, and Meta’s Llama, among others. As the system evolves over the next three to five years, it is expected to emulate the reasoning and decision-making processes characteristic of seasoned Goldman Sachs employees. For example, it will understand when to verify information with multiple data sources or apply specific algorithms for calculations.

Goldman Sachs isn’t the only financial firm venturing into generative AI. Morgan Stanley has rolled out similar OpenAI-based tools to as many as 40,000 employees, while JPMorgan Chase has deployed its own in-house AI assistant, which it compares to having a research analyst at your desk.

While these advancements promise to revolutionize the financial industry, they also raise concerns about job security. A recent Bloomberg report estimated that up to 200,000 positions in financial services could be at risk as intelligent systems become integral to operations.

As AI continues to evolve within Wall Street, Goldman Sachs’ approach underscores its focus on blending cutting-edge technology with the firm’s unique culture and expertise, positioning itself at the forefront of financial innovation.