Goldman Sachs has unveiled a groundbreaking generative AI assistant poised to transform the way its bankers, traders, and asset managers operate. This sophisticated technology marks the first phase of a comprehensive program aimed at instilling the AI with the skills and expertise of seasoned Goldman employees. The bank plans to ensure that all its knowledge workers will have access to this AI assistant by the end of the year. By drawing on lessons from experienced staff, the AI will be able to generate detailed plans, respond to queries, write emails, and summarize lengthy documents, among other tasks.
The AI assistant, currently released to approximately 10,000 employees, represents a significant stride in Goldman Sachs' commitment to leveraging technological advancements for enhanced productivity. Developed with data from OpenAI's ChatGPT, Google's Gemini, and Meta's Llama, the AI will eventually perform complex multi-step tasks with minimal human intervention. The bank is also evaluating models from companies such as Anthropic, Mistral, and Cohere to enhance its capabilities further.
According to Marco Argenti, Goldman Sachs' Chief Information Officer, the AI assistant is designed to embody the values and culture of the firm, evolving into an entity akin to a new employee. Argenti emphasized the importance of the AI reflecting the firm's tenets and values, stating:
"The AI to have a very specific identity that reflects the tenets, the values, the knowledge and the way of thinking of the firm is extremely important."
Initially, the AI will assist in tasks like summarizing or proofreading emails and translating code from one language to another. Over time, it will advance to double-checking work using multiple data sources and applying specific algorithms for precise calculations. Argenti likened this evolution to that of a Goldman employee absorbing company culture over years, noting:
"The AI assistant becomes really like talking to another GS employee."
Goldman Sachs aims not only to streamline operations but also to empower its workforce with this cutting-edge tool. The bank has no plans to reduce its workforce due to AI implementation. Instead, it seeks to enhance employees' capabilities by enabling them to accomplish more with the AI's assistance. Argenti highlighted this vision by stating:
"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."
As the AI continues to develop, it will increasingly take on agentic behaviors, completing tasks on behalf of Goldman employees by executing a series of steps. Argenti explained:
"As we progress, the second step is when you're starting to have this agentic behavior, that is, 'I'm completing a task on behalf of a Goldman employee, and I need to take a set of steps'."
Goldman Sachs envisages an AI that does not merely mimic employee interactions but genuinely performs tasks with the same proficiency. Argenti emphasized this capability by saying:
"That's where the model is going to start to do things like a Goldman employee, not only say things like a Goldman employee."
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