Goldman Sachs CEO: AI Likely to Boost Productivity, Not Eliminate Jobs

ChainCatcher report: Goldman Sachs CEO Solomon, in an article published in The New York Times, stated that concerns about AI triggering a wave of mass unemployment are exaggerated, and the U.S. economy will continue to generate new jobs through technological advancement, just as it did during past industrial and internet revolutions. Solomon noted that Goldman Sachs estimates AI and automation could reduce current work hours by approximately 25% over the next decade, with white-collar sectors such as banking, accounting, and law being most affected. Stanford research shows that hiring for entry-level positions in highly automatable roles—such as software engineering and customer service—has declined by 16% compared to less automatable industries. However, he emphasized that AI is also creating new job opportunities. For instance, since 2022, the construction of data centers in the U.S. has generated over 200,000 construction jobs. Goldman Sachs itself may reduce certain compliance and account-opening roles but plans to increase hiring in client-facing positions in banking, trading, and asset management. Solomon believes AI is more likely to enhance productivity than to directly eliminate 25% of jobs. He said, “Technological progress and cultural adaptation do not occur in sync; just because a job can be replaced does not mean it will be.” He also called on governments and businesses to jointly invest in large-scale workforce retraining to address the evolving labor structure brought about by AI.