Goldman Sachs is implementing a generative AI assistant for its workforce, marking the initial phase of a program designed to evolve with traits similar to an experienced Goldman employee. Marco Argenti, Chief Information Officer, revealed in an interview with CNBC that the GS AI assistant has been introduced to around 10,000 employees. The aim is for all knowledge workers at the firm to have access by the end of this year.
The AI assistant will initially aid in tasks such as summarizing emails, proofreading, and translating code. "Think about all the tasks that you might want to complete with regards to a variety of use cases for all those professions that can be now at your fingertips," Argenti explained. He described it as a "very simple interface that allows you to have access to the latest and greatest models."
This move places Goldman Sachs alongside JPMorgan Chase and Morgan Stanley in deploying generative AI tools among their staff, reflecting rapid adoption since ChatGPT's rise two years ago. Large language models are noted for their ability to mimic human cognitive processes.
Currently capable of responding to queries and summarizing documents, future versions are expected to perform complex tasks independently. Argenti envisions these models gradually embodying Goldman culture: "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."
Many firms have restricted ChatGPT usage in favor of developing proprietary platforms that safeguard information while mirroring their workforce's capabilities. Argenti expressed enthusiasm about future advancements over three to five years as AI models increasingly merge human and machine thought processes.
While there may be concerns about job displacement due to AI integration, Goldman maintains that AI will enhance employee productivity rather than reduce headcount.
Other major banks are also advancing towards widespread AI tool deployment within their organizations. Over 200,000 JPMorgan employees currently utilize internal generative AI tools, while approximately 40,000 Morgan Stanley employees had access last year.
A Bloomberg report suggests global investment banks could cut up to 200,000 jobs within five years due to AI implementation. Support roles are deemed most vulnerable; however, Goldman's official position emphasizes empowerment over reduction.
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