Goldman Sachs launches AI assistant firmwide, memo shows

Goldman Sachs has officially launched an artificial intelligence assistant across its firm in an effort to boost productivity among its employees. The AI assistant, driven by generative AI technology, aims to streamline day-to-day tasks for around 10,000 employees at the bank.

The announcement was made through an internal memo sent by Chief Information Officer Marco Argenti, as reported by Reuters. With the rollout of the GS AI Assistant, Goldman Sachs joins a growing list of major banks that are harnessing AI technology to enhance their operations and support staff in various capacities.

Other banks, such as Citigroup, Morgan Stanley, and Bank of America, have already implemented similar AI tools to assist employees in different aspects of their work. Citigroup, for example, has tools like Citi Assist and Citi Stylus to aid in searching internal policies and procedures, as well as document summarization and comparisons. Morgan Stanley utilizes a chatbot to assist financial advisors in client interactions, while Bank of America’s virtual assistant, Erica, focuses on handling day-to-day transactions for retail clients.

The GS AI assistant at Goldman Sachs is designed to assist employees in tasks ranging from summarizing complex documents to drafting initial content and performing data analysis. This AI technology is expected to streamline processes and increase efficiency within the organization.

Overall, the integration of AI assistants in the banking industry reflects a broader trend of leveraging advanced technologies to enhance productivity and streamline operations. With Goldman Sachs leading the way in implementing this innovative tool, it signals a continued commitment to staying at the forefront of technological advancements in the financial sector.

This article was originally reported by Saeed Azhar and Pritam Biswas in Bengaluru, and has been edited by Shreya Biswas.