- Goldman Sachs has launched an internal AI tool for workers. The launch of GS AI Assistant is behind the company firewall for security reasons and is not expected to immediately result in any layoffs. It’s meant to improve employee efficiency.
Goldman Sachs is embracing artificial intelligence, but, for now at least, it won’t cost any workers their jobs.
The investment firm has launched the GS AI Assistant, an AI program that will let workers across its divisions converse with large language models that are firewalled within Goldman, ideally eliminating the threat that sensitive data could escape into the wild. Goldman has reportedly been testing the tool for over a year with over 10,000 employees, nearly one-quarter of Goldman’s worldwide workforce, trying it out.
The AI will be used for efficiency gains, the company said in an internal memo. Among its tasks will be assisting with coding, acting as a translation tool and summarize complex documents for workers.
There are no plans for the AI to replace any jobs at present, but the longer-term impacts of the tool are a bit hazier. Some employees are skeptical of the AI, especially following a Bloombergreport in January that predicted up to 200,000 jobs on Wall Street could be at risk within five years due to technologies like AI.
“People across the firm are already integrating generative AI into their workflows, driving productivity gains for our teams and delivering benefits for our clients,” wrote Chief Information Officer Marco Argenti in an internal memo to staffers.
GS AI Assistant lets workers access several AI chatbots, including ChatGPT and Gemini. And Goldman is hardly the only Wall Street bank that’s increasing its use of AI. Morgan Stanley and JPMorgan also offer internal tools to workers to help improve efficiencies and eliminate some of the manual steps that had to be taken in the past.