Goldman Sachs has introduced a generative AI assistant to support its bankers, traders, and asset managers in handling daily tasks.
The GS AI Assistant has already been rolled out to about 10,000 employees, with plans for full deployment to all knowledge workers at the firm by the end of 2025.
Goldman Sachs Rolls Out AI Tool to Boost Efficiency for Employees
The AI tool is designed to simplify tasks like summarizing emails, proofreading, and translating programming code. According to Marco Argenti, Goldman Sachs' Chief Information Officer, the assistant provides access to advanced AI models in a user-friendly interface.
According to CNBC, these models include OpenAI's ChatGPT, Google's Gemini, and Meta's Llama, enabling employees to work more efficiently and effectively.
The bank aims for the AI assistant to not only assist employees but also align with Goldman Sachs' unique culture and operational methods.
As the tool evolves, it is expected to take on more complex tasks, eventually handling multistep processes similar to a seasoned employee. Argenti pointed out that the AI assistant will act much like communicating with another Goldman Sachs employee.
Over time, it will become more autonomous, capable of reasoning and making decisions like a professional at the firm.
Goldman Sachs Joins JPMorgan and Morgan Stanley in Adopting Generative AI
Goldman Sachs joins JPMorgan Chase and Morgan Stanley in adopting generative AI technology.
JPMorgan has rolled out similar tools to over 200,000 employees, and Morgan Stanley has introduced AI assistants to approximately 40,000 workers.
Though there are concerns about job losses due to AI adoption—Bloomberg estimates up to 200,000 roles could be at risk in the next five years—Goldman Sachs emphasizes that AI will enhance employees' roles rather than replace them, Finextra said .
Argenti stresses that a strong human workforce will remain crucial to the firm's success, adding that employees will play a key role in educating and evolving the AI.
