Goldman Sachs is taking a big step forward by expanding its artificial intelligence (AI) capabilities throughout its operations. The goal? To harness AI’s potential to make everything more productive and efficient. Belinda Neal, the Chief Operating Officer of Core Engineering at Goldman Sachs, put it simply: “This year is all about scaling—scaling adoption, scaling use cases.” She shared these thoughts in an exclusive interview, where she expressed the firm’s excitement about how generative AI can enhance efficiency across the board.
Recent insights from PYMNTS show a promising trend in AI investments, with 57% of surveyed information firms reporting significant returns from their generative AI efforts. Goldman Sachs is tackling AI integration with a comprehensive strategy, including building its own GS AI Platform to support a range of business applications. This platform features advanced AI models while ensuring security and governance are top-notch.
A key part of Goldman Sachs’ AI plan is the creation of “AI champions.” These are specialized teams within each business unit that focus on finding and implementing effective AI applications. Neal described these champions as the “connective tissue” needed to get the most out of AI throughout the firm.
Among the internal innovations is the GS AI Assistant, a generative AI chatbot designed to help bankers, traders, and staff. This tool can summarize documents, draft emails, and more. It’s currently available to about 10,000 employees, with plans to roll it out company-wide, depending on governance protocols.
In the highly regulated financial sector, managing AI risks is crucial. That’s why human oversight is essential for reviewing chatbot outputs. Neal acknowledged the challenges, emphasizing that continuous improvements will come with new models and practices.
Goldman Sachs isn’t alone in this AI journey. Other financial giants like JPMorgan Chase and Morgan Stanley are also advancing their AI capabilities. Neal highlighted a significant boost in productivity, especially among the firm’s 12,000 developers, who make up a large part of the workforce.
Governance and risk management in AI deployment are also crucial. The firm is dedicated to ensuring safe and secure AI operations. David Solomon, Goldman Sachs’ Chairman and CEO, pointed out the complexities CEOs face when integrating AI into core processes. He stressed the need for fundamental organizational change to fully tap into AI’s potential.
Looking ahead, Goldman Sachs is gearing up for the integration of AI agents, which promise to transform workflows rather than just isolated tasks. Neal expressed optimism about AI’s role in document and life cycle management, highlighting how technology is continuously evolving to enhance operational efficiency and client service.
