Official announcements or credible news reports on AI adoption rates

Goldman Sachs Rolls Out AI Assistant to 10,000 Employees, Led by CIO Marco Argenti

Jan 21, 2025, 04:07 PM

Goldman Sachs has introduced a generative AI assistant, known as GS AI Assistant, to its workforce, marking a major step in artificial intelligence adoption on Wall Street. Initially deployed to 10,000 employees, the tool is expected to be available to all knowledge workers at the firm by the end of the year. The AI assistant is designed to assist with tasks such as summarizing emails, proofreading, and translating code, leveraging models from OpenAI, Google, and Meta. According to Chief Information Officer Marco Argenti, who joined Goldman Sachs from Amazon in 2019, the AI aims to emulate the behavior and decision-making of seasoned Goldman employees over time. The tool is expected to develop agentic abilities, performing multistep tasks with minimal human intervention within three to five years. This rollout aligns Goldman Sachs with other leading investment banks, such as JPMorgan Chase, which has 200,000 AI users, and Morgan Stanley, with 40,000 AI users. The initiative reflects Wall Street's rapid adoption of AI technologies, which are anticipated to transform workflows and potentially impact job roles within the industry. While a Bloomberg report suggests that global investment banks may shed as many as 200,000 jobs in the next three to five years due to AI, Goldman maintains that AI will augment human capabilities rather than replace them, emphasizing the importance of a skilled human workforce in evolving and managing AI systems.