Goldman Sachs Equips Workers with AI Tools to Boost Productivity and Efficiency

How Goldman Sachs is Using AI Last summer, Marco Argenti, Goldman Sachs' Chief Information Officer (CIO), made a bold prediction that, within three years, nearly every employee at the bank would interact with artificial intelligence (AI) in their daily work. "It's going to be just like email at the end of the day," Argenti said, emphasizing that AI would become indispensable. About a year later, Goldman Sachs is making significant strides towards this vision, rolling out several AI tools to enhance productivity and modernize its technology stack. GS AI Assistant The GS AI Assistant is akin to an in-house version of ChatGPT, designed to assist Goldman employees with a wide range of tasks. Currently available to around 10,000 workers, the firm plans to extend its reach to all 46,000 employees by the end of the year. This tool can draft presentations, plan off-site meetings, and even act as a personal tutor for quantitative strategists. By drawing from the bank's secure data repository, the AI Assistant provides tailored support. According to Konstantin Kuchenmeister, an engineering associate, the tool saves him hours each week on traditionally time-consuming tasks. Seven Goldman employees from various ranks have reported integrating the GS AI Assistant into their daily routines, finding it useful for everything from understanding financial concepts to preparing for strategic discussions. Banker Copilot The Banker Copilot is specifically designed for investment bankers, aiming to streamline mundane yet crucial tasks. This tool accesses high-level, protected data related to deal-making, client information, and regulatory disclosures. Currently in early development, only a select few employees have access to the Banker Copilot. However, the potential impact is significant. CEO David Solomon has recognized the ability of AI to automate tedious processes, such as drafting S-1 regulatory filings for initial public offerings (IPOs). The Banker Copilot can compile client and deal data, analyze corporate filings, draft lengthy documents, and summarize notes, all while maintaining strict data security protocols. Legend AI Query Goldman Sachs uses Legend, an open-source data management and governance platform, to store vast amounts of information. Previously, accessing specific data required employees to know exactly what they were looking for and where to find it—akin to navigating a massive library without a catalog. The introduction of Legend AI Query changes this by leveraging natural language processing (NLP) to serve as a digital librarian. Users can input plain English queries, and the AI fetches relevant data, making the process faster and more efficient. Chief Data Officer Neema Raphael describes this as an "information superintelligence" that helps humans build better mental models with speed and accuracy. Legend Copilot Launched in October, Legend Copilot is a tool aimed at data engineers to facilitate the maintenance and organization of the Legend platform. Legend Copilot enables engineers to generate end-to-end data models or APIs in a matter of minutes, a process that previously took much longer. It also provides templates for creating new reports, models, and APIs, significantly streamlining data management efforts. This tool underscores Goldman's commitment to integrating AI to improve internal efficiency and data handling. Translate AI Given Goldman Sachs' global clientele, effective communication in multiple languages is essential. Traditionally, the bank outsourced translation work, leading to lengthy turnaround times. To address this, Goldman developed Translate AI, an in-house tool built on the GS AI Assistant platform. Translate AI can quickly translate text to and from English, enhancing the bank’s responsiveness and efficiency. Kerry Blum, a partner and global head of the equity structuring group, mentioned that her team has already used the tool to translate documents in nine different languages, significantly cutting down on the time required for non-English communications. Industry Insights and Evaluation Industry insiders and experts are highly optimistic about Goldman Sachs' AI initiatives. The tools are seen as a crucial step in keeping the bank competitive and efficient in a rapidly evolving technological landscape. By automating routine tasks and providing intelligent assistance, Goldman is not only boosting productivity but also ensuring that sensitive data remains secure. The firm's proprietary GS AI Platform, debuted in 2024, integrates leading large language models while safeguarding against external data breaches. This balanced approach highlights Goldman’s commitment to innovation without compromising on security, setting a benchmark for other financial institutions. Goldman Sachs, known for its cutting-edge technology and robust data management, is poised to lead the charge in AI adoption within the finance sector. The bank's strategic deployment of AI across various functions, coupled with its focus on user-friendly interfaces and data protection, reflects a well-rounded and forward-thinking approach.