Summary
Goldman Sachs CEO David Solomon says AI is not replacing banking jobs but is increasing productivity. Although concerns exist about AI's impact on junior bankers, Solomon believes AI helps in business growth and requires more skilled workers. He expects the number of employees at Goldman Sachs to continue growing despite AI adoption.
Key Facts
- Goldman Sachs CEO, David Solomon, says AI boosts productivity without cutting banking jobs.
- Solomon expects Goldman Sachs to continue hiring and growing its workforce.
- The OneGS 3.0 initiative will change how people at Goldman Sachs work using AI.
- AI raises performance expectations for workers in the finance sector.
- Despite worries, AI is not seen as a replacement for workers but a tool for efficiency.
- Youth unemployment recently rose above 10%, highlighting job market concerns.
- Goldman Sachs' revenue per worker was over $2.7 million in 2024.
- Other financial institutions like JPMorgan are also adopting AI technology.
