Goldman Sachs Launches AI Assistant Firmwide, With 10,000 Employees Already Using It

Goldman Sachs has officially rolled out a generative AI assistant across the company to enhance productivity, with around 10,000 employees already using it for tasks like summarizing documents and data analysis. With the AI tool’s official company-wide launch, Goldman joins a long list of big banks already leveraging the technology to shape their operations in a targeted manner and help employees in day-to-day tasks. […] The GS AI assistant will help Goldman employees in “summarizing complex documents and drafting initial content to performing data analysis,” according to the internal memo. “While the official line is that AI frees up employees for ‘higher-value work,’ the real-world consequence is a reduced need for human labor,” notes Gizmodo in their reporting. A banker told Gizmodo that because their AI system now processes 85% of all client responses for margin calls, “the operations team avoided hiring 30 new people.”

Gizmodo asks pointedly: “If one AI tool is replacing the need for 30 back-office staff in one corner of one bank, what happens when the entire industry scales that up?”