Goldman Sachs CEO David Solomon says artificial intelligence is reshaping the way enterprises operate, with the bank allocating billions to AI and technology investments this year.
Speaking at the Italian Tech Week in Turin, Solomon says AI is accelerating the bank’s productivity, transforming coding, and expanding enterprise capacity.
“I think the business of work is getting transformed by AI broadly… And so, if you think about AI, you know, AI really allows smart, talented, driven, sophisticated people to be more productive, to touch more people, to have better information at their disposal, better analysis. I mean, this is a journey we’ve been on. This technology accelerates it.”
On coding, he points to the dramatic productivity gains of new AI assistants.
“Coding is time-consuming, but this technology allows you to code with greater productivity and efficiency. So one great coder now, with a tool such as Cognition Labs’ Devin, for example, really creates massive coding capacity for one coder, as opposed to having 10, 20 people sit around for a few days. So big productivity there.”
He says AI is increasing efficiency for Goldman Sachs and putting the bank in a position to generate more revenue that can be reinvested in the technology.
“When you think about operational systems in any business, the ability to accelerate automation and therefore drive more productivity, it’s not just a cost exercise. It’s actually about taking that productivity and having more capacity to reinvest in growth in your business.
We’ll spend $6 billion on technology this year. I would have liked to spend $8, but I can’t afford it because I’ve got to deliver returns. But with this technology, my ability to spend more and invest more in growth and accelerate things that can grow our enterprise, it’s more available to us.”
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