Goldman Sachs has officially launched GS AI Assistant, a tool powered by generative AI across global operations, serving as a key step in its ongoing artificial intelligence strategy. The move, released Monday through an internal memo, aims to increase productivity by helping employees automate and streamline their daily tasks.
Goldman Sachs Chief Information Officer Marco Argenti has called it a major milestone in the company's AI journey. “Today we are excited to announce the launch of the GS AI Assistant company, the first generation AI-powered tool to reach this scale, so we are facing a key moment in our AI journey,” he wrote in a note.
Originally piloted among 10,000 of the company's 46,500 employees, the tool is deployed more widely, including investment banking and asset management teams. It is currently used for tasks such as summarizing complex documents, drafting communications, and analyzing datasets.
Argenti has encouraged employees to incorporate AI assistants into their regular workflows, suggesting that it can help improve efficiency by reducing the time spent on repetitive or time-consuming activities.
Goldman sees the tool as a productivity enhancer, but its widespread use has raised concerns within the industry about the potential impact of its long-term impact on the role of juniors in investment banking and finance. As assistants become more integrated into everyday tasks, some observers question whether such automation could ultimately reduce the demand for entry-level positions.
With this move, Goldman will join other major banks and employ generated AI to support the workforce. Citi Group has launched tools such as Citi Assist and Citi Stylus that search for internal policies. This is useful for document summary and comparison. Morgan Stanley has introduced a chatbot to support financial advisors in client interactions, while Bank of America's virtual assistant Erika focuses on helping retail clients with daily transactions.
According to the memo, Goldman's AI assistant is designed to help “draft complex document summary and initial content drafts into data analysis runs.”
