Goldman Sachs is expanding its artificial intelligence (AI) capabilities across the firm to enhance productivity and efficiency. Belinda Neal, the bank's chief operating officer of core engineering, highlighted that this year focuses on scaling AI use and adoption. The investment bank is experiencing positive returns on AI investments, with 57% of surveyed firms in the information sector reporting significant ROI from generative AI (GenAI) implementations. Goldman is addressing AI through a multi-faceted strategy: it developed the in-house GS AI Platform to support various applications, collaborates with major tech firms for large-scale AI deployment, and emphasizes security and governance. Central to this initiative is the creation of "AI champions" within each business group, responsible for identifying effective AI use cases. One notable application is the GS AI Assistant, a generative AI chatbot designed to assist employees by summarizing documents, drafting emails, and performing other tasks, currently available to around 10, 000 users with wider rollout planned. Concerns about AI's tendency to produce inaccurate information are being mitigated through human reviews and ongoing training for employees.

Goldman joins other major banks like JPMorgan Chase and Morgan Stanley in AI development. The firm aims to enhance its engineering workforce of over 12, 000 developers, anticipating that productivity improvements will significantly impact the organization. Neal emphasized the need to quickly adopt cutting-edge technology to empower developers. Goldman’s CEO David Solomon noted that while many CEOs recognize AI's potential, implementing changes to operational processes remains challenging. The firm is already preparing for future AI agents that could transform workflows, reinforcing its commitment to utilizing technology for operational efficiency and superior client service. Neal indicated growing interest in AI applications for document management and lifecycle optimization as part of this evolution.