BlockBeats news, on June 4, David Solomon, Chairman and CEO of Goldman Sachs, said in an interview that although artificial intelligence is rapidly permeating the banking industry, he does not believe AI will cause widespread white-collar job losses on Wall Street.
Solomon noted that employees across all levels at Goldman Sachs, from back-office staff and junior analysts to senior investment bankers, are actively using AI technologies. He believes that artificial intelligence will enhance productivity and transform the way work is done, but will not lead to large-scale job losses.
In addition, Solomon discussed the current capital markets environment and Goldman Sachs’ role in SpaceX’s IPO and Alphabet’s historic equity financing. He also shared his early experiences working in the junk bond business and noted that artificial intelligence is transforming the music production industry.
As major global banks accelerate the deployment of AI, the impact of artificial intelligence on employment and productivity in the financial industry has become a key focus for the market.