Goldman Sachs GS AI Assistant
Courtesy: Goldman Sachs
Goldman Sachs Goldman Sachs is rolling out a generative artificial intelligence assistant for its bankers, traders and asset managers, the chief information officer said, the first phase of a program that will eventually take on the characteristics of experienced Goldman Sachs employees Marco Argenti.
Argenti told CNBC in an exclusive interview that so far the bank has released the program, called GS AI Assistant, to about 10,000 employees, with the goal that all the company’s knowledge workers will have it this year. It will initially help with tasks including summarizing or proofreading emails or translating code from one language to another.
“Think about all the tasks you might want to accomplish, the various use cases across all of these careers that are now within your reach,” Argenti said. Goldman Sachs Assistant is a “very simple interface that gives you access to the latest and greatest model.”
Goldman Sachs’ move means that JPMorgan Chase and Morgan Stanleyall three major investment banks in the world have actively Released generative AI tools to them labor forceThis is a significant development since ChatGPT went viral almost two years ago.
Experts say Wall Street has embraced generating artificial intelligence faster than any other disruptive technology in recent years because large language models have become so adept at replicating human cognition.
Today, it can respond to queries, compose emails and summarize lengthy documents, but expectations are high that future versions will exhibit so-called “agent” capabilities, meaning they can operate with little or no human intervention. Perform multi-step tasks.
In an interview with CNBC, Argenti talked about his vision for the company’s artificial intelligence. join in from Amazon 2019 — The artificial intelligence project was repeatedly compared to a new employee who would absorb the Goldman Sachs culture for years to come.
Initially, the tool will generate answers primarily based on Goldman Sachs data, which is fed into an artificial intelligence model Open artificial intelligence Chat GPT, Google’s Gemini and Yuan Camel, Argenti said, it depends on the mission. The bank is also looking at models from companies such as Anthropic, Mistral and Cohere, he added.
“The AI assistant becomes really like talking to another GS employee,” Argenti said.
Learn the Goldman Sachs Way
“As we progress, the second step is when you start to have this agency behavior of, ‘I’m completing a task on behalf of a Goldman Sachs employee and I need to take a series of steps,'” he said. “That’s where the model will start acting like a Goldman Sachs employee, not just talking like a Goldman Sachs employee.”
This helps explain why the company prohibits employees from using ChatGPT for work, instead creating its own platform to leverage the technology. It allows companies to not only ensure information security but also build AI platforms that increasingly resemble the best practices of their own workforces.
“It’s extremely important for AI to have a very specific identity that reflects the company’s purpose, values, knowledge and mindset,” Argenti said.
In practice, he said, this means that just as experienced Goldman Sachs employees know to use multiple sources to double-check their work or use specific algorithms to make calculations, artificial intelligence will absorb these lessons.
Goldman Sachs Chief Information Officer Marco Argenti joined the bank in 2019 from Amazon.
Courtesy: Goldman Sachs
But Argenti said he’s most excited about what lies ahead, perhaps three to five years, as AI models increasingly blur the lines between human and machine thinking.
This phase of Goldman’s AI will allow the model to “actually do more reasoning and become more like the way Goldman employees think,” he said.
As a result, artificial intelligence will be able to produce detailed plans “just like an experienced Goldman Sachs employee would be able to do,” Argenti said.
Disruption risk
The prospect of that future — and the fact that Wall Street workers are helping train for a technology that could make some roles obsolete while adding other jobs and creating new roles — could spark a new wave of anxiety among the workforce.
Like Goldman Sachs, other major investment banks aim to make generative AI tools available to their entire workforce in the coming months.
According to an unnamed JPMorgan insider, more than 200,000 JPMorgan employees currently have access to internal generative artificial intelligence tools. As of the end of last year, approximately 40,000 Morgan Stanley employees had access to the service. explain October.
Finance and technology are seen as among the industries where workers are most vulnerable to upheaval from generative AI, giving companies the potential to generate billions of dollars in additional profits. CEO Yuan Mark Zuckerberg told podcaster Joe Rogan earlier this month that its artificial intelligence will capable The number of people writing code and midlevel software engineers this year.
Global investment banks may lay off employees 200,000 jobs over the next three to five years as these companies implement artificial intelligence, according to a report from Bloomberg Research. The report is based on a survey of major bank technology executives and says back- and middle-office support and operational roles are most at risk.
Goldman Sachs’ official position, however, is that artificial intelligence will empower workers without necessarily reducing the need for them.
“The importance of having a great workforce is actually going to be amplified,” Argenti said.
“In my opinion, it always comes down to people,” he said. “People are going to change because people are going to be the ones actually developing AI, educating AI, empowering AI, and then taking action.”
