Goldman Sachs CEO Dismisses AI 'Job Doomsday' Claims, Says It Will Boost Productivity and Create New Roles

Huoxing Finance reports that on May 26, Goldman Sachs CEO Solomon wrote in The New York Times that concerns about AI triggering a “mass layoff wave” are exaggerated, and the U.S. economy will continue to generate new jobs through technological innovation, 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 demands; for instance, since 2022, U.S. data center construction has generated over 200,000 construction jobs. Goldman Sachs may reduce some 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 directly eliminate 25% of jobs. He stated: “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 advance large-scale workforce retraining to address the labor market shifts brought by AI.