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Goldman Sachs Starts Process of Replacing Bankers With AI

Jan 22, 2025 - futurism.com
Goldman Sachs is implementing an AI assistant for 10,000 employees as part of a broader strategy to integrate AI-powered "employees" into its workforce. The AI will initially handle tasks like summarizing and proofreading emails and translating code. This move aligns with a trend among banks, including JPMorgan and Morgan Stanley, to adopt AI tools to streamline operations and potentially replace human staff. Goldman’s CIO, Marco Argenti, suggests that in three to five years, AI could blur the lines between human and AI roles, although concerns about AI's reliability and security risks persist.

Despite these challenges, Goldman is committed to advancing AI capabilities, with future plans for AI to perform tasks autonomously and check its own work. This shift could lead to significant job reductions, particularly in roles involving routine tasks, although complete elimination is unlikely. Instead, AI is expected to transform the workforce, with human employees playing a crucial role in evolving and empowering AI systems. Argenti emphasizes the importance of people in this transition, as they will be key to developing and guiding AI technologies.

Key takeaways:

  • Goldman Sachs has introduced a "GS AI assistant" to 10,000 employees to help with tasks like summarizing emails and translating code.
  • The initiative is part of a broader trend among banks to use AI tools, with hopes of eventually replacing human staffers.
  • AI models have issues like "hallucinating" facts and cybersecurity concerns, but Goldman is committed to advancing the technology.
  • AI is expected to transform the workforce by handling routine tasks, potentially leading to significant job cuts in the banking sector.
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