Goldman Sachs is introducing a generative AI assistant to its bankers, traders, and asset managers, with plans for the program to eventually embody the characteristics of a seasoned Goldman employee, as stated by Chief Information Officer Marco Argenti. The bank has launched a program named GS AI assistant to approximately 10,000 employees, aiming for all knowledge workers within the company to have access to it by the end of the year. Initially, the AI assistant will assist with tasks such as summarizing emails, proofreading, and translating code between languages.
Argenti highlighted the convenience of having various tasks readily available through the Goldman assistant, which offers a simple interface providing access to cutting-edge models. The adoption of generative AI tools by Goldman Sachs, JPMorgan Chase, and Morgan Stanley signifies a significant advancement in the financial sector since the popularity of ChatGPT two years ago. Large language models are highly valued for their ability to replicate human cognitive functions, making them adept at responding to queries, drafting emails, and summarizing lengthy documents.
The future potential of AI assistants includes the ability to perform complex tasks with minimal human intervention, referred to as agentic abilities. Argenti envisions the AI program evolving to embody the culture and practices of Goldman Sachs over time. The AI assistant currently utilizes data from various AI models to provide answers, with plans to incorporate models from companies like Anthropic, Mistral, and Cohere. The goal is for the AI assistant to seamlessly integrate into the company culture and operate like a knowledgeable Goldman employee.
As AI technology progresses, the AI models are expected to exhibit behaviors and reasoning similar to human employees, blurring the lines between human and machine thinking. The evolving capabilities of AI at Goldman Sachs aim to enhance productivity and efficiency, rather than replace human workers. The integration of generative AI tools across major investment banks is expected to transform the industry, potentially leading to the creation of new roles and increased profitability. Despite concerns about potential job displacement, the focus remains on leveraging AI to empower employees and drive innovation within the financial sector.
