Goldman Sachs Launches AI Assistant Firmwide, Signaling Shift in Banking Industry

Goldman Sachs launches AI assistant firmwide, memo shows

June 23 (Reuters) - Goldman Sachs (GS.N), opens new tab on Monday announced a firmwide launch of an artificial intelligence assistant, a tool driven by generative AI, to boost productivity, according to an internal memo seen by Reuters. Around 10,000 employees at the bank are already using the GS AI Assistant, the memo sent to staff by Chief Information Officer Marco Argenti showed. 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. Citigroup (C.N), opens new tab has AI tools such as Citi Assist, which searches internal bank policies and procedures, as well as Citi Stylus, which helps with document summarizing and comparisons. Morgan Stanley (MS.N), opens new tab has a chatbot that helps financial advisors in interactions with clients, while Bank of America's (BAC.N), opens new tab virtual assistant, Erica, focuses on day-to-day transactions of retail clients. 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. Reporting by Saeed Azhar and Pritam Biswas in Bengaluru; Editing by Shreya Biswas Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:Artificial Intelligence

Goldman Sachs Makes a Huge AI Bet

The prestigious investment bank is rolling out an internal AI assistant firm-wide. Goldman Sachs has just launched its generative AI assistant across the entire firm, making it available to all employees in what the bank calls a major milestone in its technology strategy. The move follows more than a year of internal development and testing that involved over 10,000 employees piloting the tool. The GS AI Assistant is a conversational AI interface that allows employees to safely interact with large language models like GPT and Gemini, firewalled within Goldman’s own secure compliance framework. “We have been developing AI and machine learning applications and infrastructure for a number of years, including several generative AI-powered tools that have been transforming the way we work,†said Chief Information Officer Marco Argenti in a memo seen by Gizmodo. These tools include a developer copilot for coding, a translation tool for internal teams, and a fledgling "Banker Copilot" designed to streamline workflows for investment bankers. The GS AI Assistant, however, is the first generative AI system to be rolled out across the entire company. The official purpose is to help employees manage tasks like summarizing complex documents, drafting content, and analyzing data, work that can consume hours of human time. The initiative is not about replacing jobs but about improving how employees work, a person familiar with the launch told Gizmodo. Goldman Sachs, the source said, hopes the tool will enable its employees to drive efficiencies. But this move is part of a quiet arms race on Wall Street, where firms like Citi, Bank of America, and Morgan Stanley are also deploying AI chatbots to automate the tedious, white-collar work that has employed legions of junior bankers for decades. According to experts, AI is already transforming these banks. Instead of deploying armies of analysts to manually scan legal documents, for example, some on Wall Street now use AI to identify key clauses in contracts and flag items that require human attention. Some banks have even built AI to handle margin calls. “When a client replies to a margin call email with 'yes,' 'no,' or a vague question, the AI analyzes the free-text reply and decides what to do,†a banker at a large investment bank told Gizmodo. If the AI is confident enough, the system automatically books the call. No humans needed. Even management tasks are being automated. The banker said their firm uses AI to help managers generate staff reviews and objectives, freeing up time and ensuring documentation is more polished. 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. The banker confirmed that because their AI system now processes 85% of all client responses for margin calls, "the operations team avoided hiring 30 new people." At Goldman Sachs, the AI deployment began last year with a developer copilot that is now used by over 12,000 engineers, yielding substantial productivity improvements. Following that success, the firm began expanding the GS AI Assistant, with overwhelmingly positive internal feedback prompting this week’s company-wide rollout. “Our people across the firm are already integrating generative AI into their workflows, driving productivity gains for our teams and delivering benefits for our clients,†Argenti wrote in the internal memo. Although using the assistant is optional, the message is clear: everyone is encouraged to give it a try. For the tech industry, Goldman’s move is a major validation, giving legitimacy to generative AI's role in financial services. It also reflects a broader trend: with AI being baked into software like Microsoft Teams and Outlook, employees are now using it by default. Of course, this productivity revolution comes at a human cost. 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?

Goldman Sachs launches AI assistant firmwide, memo shows

Around 10,000 employees at the bank are already using the GS AI Assistant, the memo sent to staff by Chief Information Officer Marco Argenti showed.Goldman Sachs on Monday announced a firmwide launch of an artificial intelligence assistant, a tool driven by generative AI, to boost productivity, according to an internal memo seen by Reuters. Around 10,000 employees at the bank are already using the GS AI Assistant, the memo sent to staff by Chief Information Officer Marco Argenti showed. 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. Citigroup has AI tools such as Citi Assist, which searches internal bank policies and procedures, as well as Citi Stylus, which helps with document summarizing and comparisons. Morgan Stanley has a chatbot that helps financial advisors in interactions with clients, while Bank of America's virtual assistant, Erica, focuses on day-to-day transactions of retail clients. 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.

Goldman Sachs Expands Availability of AI Assistant Across Firm | PYMNTS.com

By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions. About 10,000 employees were already using the GS AI Assistant before the company-wide launch, Reuters reported Monday (June 23), citing a company memo. The GS AI Assistant will help Goldman Sachs employees with tasks such as summarizing complex documents, drafting initial content and performing data analysis, according to the report. Fox Business also reported Monday on the company-wide rollout of the AI assistant, saying that the assistant can interact with different large language models, enabling users to select the one that best meets their needs, and that it has features tailored to different work functions, such as developers, investment bankers, research analysts, and asset and wealth management employees. It was reported in January that Goldman Sachs introduced an AI assistant for its traders, bankers and asset managers; that it had been offered to about 10,000 employees at that time; and that the company aimed to expand it to all its knowledge workers this year. Goldman Sachs Chief Information Officer Marco Argenti told CNBC in January that the AI assistant would initially produce answers based on bank data that has been fed into AI models and then would absorb the company's culture in the years to come. "The AI assistant becomes really like talking to another GS employee," Argenti said. "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.' That's where the model is going to start to do things like a Goldman employee, not only say things like a Goldman employee." AI assistants are being integrated into fields ranging from banking and law to fast food and eCommerce, PYMNTS reported June 5. Companies are deploying the technology to enhance efficiency, reduce costs and transform operations.

Goldman Sachs launches AI tool - but bankers skeptical of risk to jobs

Goldman Sachs said Monday it will roll out an artificial intelligence tool that could be used to take over tasks traditionally done by junior bankers -- fueling ongoing fears the technology could soon eliminate entry-level jobs. The AI will be used to generate efficiency gains in the Wall Street giant's Investment Banking and Wealth Management divisions by helping employees with everyday tasks, according to an internal memo circulated to staffers viewed by The Post. "Today marks an important moment in our AI journey as we are excited to announce the firmwide launch of the GS AI Assistant - the first generative AI-powered tool to reach this scale," Goldman Sachs CIO Marco Argenti said in the company-wide missive. The David Solomon-led financial powerhouse had previously rolled out the tech to about 10,000 of its estimated 46,500 global employees. "Thousands of our people are already using the GS AI Assistant, and I hope all of you will start exploring how the tool can positively impact your daily tasks and boost productivity, from summarizing complex documents. and drafting initial content to performing data analysis," Argenti said in the memo. A Goldman spokesperson declined to say whether the AI adoption will augur future job cuts. "Our people are our most valuable asset. We view AI powered tools as helping them be more efficient and enabling them to serve our clients even better," Nick Carcaterra told The Post. Sources familiar with Goldman's move said it would allow the bank's employees to focus on higher-value tasks - and doesn't necessarily portend that supercomputers were about to mount a hostile takeover of the industry. "It is very unlikely that you are suddenly going to have these tools that can just independently do this completely on their own, and therefore negate the need for a junior banker," said one staffer with another top Wall Street investment firm. "There remains a level of skepticism towards it." One money-spinning Goldman trader was particularly dismissive of the idea that AI would soon be coming for his job -- and his annual bonus. "Lose my job to AI? I'm unfireable," said the banker, who had raked in a massive six-figure payout earlier this year as investors reorganized their portfolio amid fears of Donald Trump's threats to slap tariffs on imported goods. Nonetheless, a January report by Bloomberg Intelligence predicted that up to 200,000 Wall Street jobs could be cut within five years thanks to cutting-edge technology that can perform tasks currently performed by humans. The study said major global banks would use AI to "streamline their operations." It added back- and middle-office roles that perform routine items such as data entry and customer service are under the most threat. The report went on to warn that the technology could be used to take on responsibilities typically assigned to entry-level junior bankers, such as drafting financial models and analyzing data for megabucks M&A deals. Goldman's announcement comes just weeks after onetime AI skeptic and hedge fund titan Cliff Asness admitted to the Financial Times that his firm AQR Capital Management had "surrendered to the machines." JPMorgan has a similar tool to one being rolled out by Goldman called LLMSuite that helps its bankers summarize meetings and draft reports. Morgan Stanley gives financial advisors the possibility to use an AI-powered chatbot known as Debrief. Meanwhile, Jane Fraser-led Citi has AI tools such as Citi Assist, which searches internal bank policies and procedures, as well as Citi Stylus, which helps with document summarizing and comparisons. "Ultimately there is an output," another analyst who works on M&A deals told The Post. "It is on me and many others to interpret that and investigate a little bit further and ask: what's the context? (AI) can help cut down on some of that manual effort, but there is still some interpretation that is needed."

Goldman Sachs launches AI assistant firmwide, memo shows

(Reuters) -Goldman Sachs on Monday announced a firmwide launch of an artificial intelligence assistant, a tool driven by generative AI, to boost productivity, according to an internal memo seen by Reuters. Around 10,000 employees at the bank are already using the GS AI Assistant, the memo sent to staff by Chief Information Officer Marco Argenti showed. 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. Citigroup has AI tools such as Citi Assist, which searches internal bank policies and procedures, as well as Citi Stylus, which helps with document summarizing and comparisons. Morgan Stanley has a chatbot that helps financial advisors in interactions with clients, while Bank of America's virtual assistant, Erica, focuses on day-to-day transactions of retail clients. 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. (Reporting by Saeed Azhar and Pritam Biswas in Bengaluru; Editing by Shreya Biswas)