Goldman Sachs has introduced a generative AI assistant, named GS AI, to approximately 10,000 employees, with plans to roll it out to all knowledge workers by the end of the year. Chief Information Officer Marco Argenti stated that the AI will assist with tasks such as summarizing emails and translating code.
This initiative positions Goldman Sachs alongside JPMorgan Chase and Morgan Stanley, as the leading investment banks adopt generative AI tools. The AI assistant is designed to replicate aspects of a seasoned Goldman employee, evolving to perform multi-step tasks independently.
The AI will initially utilize data from models like OpenAI's ChatGPT and Google's Gemini, aiming to reflect the firm's culture and values. Argenti emphasized the importance of creating an AI that embodies the knowledge and thought processes of Goldman employees.
While the introduction of AI may raise concerns about job displacement, Argenti believes it will enhance employee capabilities rather than reduce the workforce. He stated, 'The importance of having a phenomenal human workforce is actually going to be amplified.'
As the financial sector embraces AI, reports suggest that up to 200,000 jobs could be at risk in the next few years. However, Goldman Sachs maintains that the focus will be on empowering their workforce.