Goldman Sachs President and Chief Operating Officer John Waldron said the bank plans to deploy generative AI agents across the firm to reduce costs, improve productivity, and digitize more of its internal workflows. Speaking to CNBC, Waldron described Goldman as a “human assembly line” and said digital agents would act as the bank’s version of robots.
The comments point to a wider automation push inside one of Wall Street’s largest investment banks as firms look for ways to expand output without adding headcount at the same pace. Waldron said the technology could help Goldman become “much more resilient and much more scalable,” while also creating new engineering and technology roles.
The shift could have particular implications for labor-intensive banking work. AI could help speed up tasks often handled by junior bankers, including summarizing earnings calls and drafting pitchbooks. The technology can also support customer service, coding workflows, and data synthesis for wealth managers.
Waldron pushed back on the idea that recent layoffs are mainly the result of generative AI adoption. He said current headcount reductions reflect a correction from post-pandemic hiring, when companies held onto more employees, and a growing need for engineering and coding talent.
Goldman’s own economists have warned that AI could automate tasks accounting for a significant share of U.S. work hours. According to the New York Post, the bank’s March research report estimated that 6% to 7% of the U.S. workforce could be displaced over the next decade as companies adopt the technology.
