Landsberg Bennett Private Wealth Management CIO Michael Landsberg discusses investment exposure to AI on Making Money.
On Monday, Goldman Sachs announced that it is rolling out a generative artificial intelligence (AI) assistant across the firm in its latest move to incorporate the technology into employees’ workflows.
Goldman announced that its in-house AI application, known as the GS AI Assistant, is available to employees throughout the company, offering tools tailored to meet the needs of workers in various specialties across the firm. The natural language assistant can securely tap into a variety of large language models (LLMs) that the company has approved.
“Today marks an important moment in our AI journey as we are excited to announce the firmwide launch of the GS AI Assistant – the first generative AI-powered tool to reach this scale,” Goldman Sachs CIO Marco Argenti said in a memo seen by FOX Business.
“Thousands of our people are already using the GS AI Assistant, and I hope all of you will start exploring how the tool can positively impact your daily tasks and boost productivity, from summarizing complex documents and drafting initial content to performing data analysis,” Argenti added.
TRUMP’S TOP TECH EXPERT WARNS US CAN’T GET COMPLACENT IN AI COMPETITION WITH CHINA
An image of Goldman Sachs’ new GS AI Assistant. (Courtesy of Goldman Sachs)
Goldman Sachs’ broader rollout of its GS AI Assistant comes as the latest development in the company’s journey with AI, which began more than a decade ago.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GS | THE GOLDMAN SACHS GROUP INC. | 640.80 | +5.56 | +0.88% |
Last year, the firm announced it was rolling out a version of its GS AI Assistant that’s tailored for the company’s developers, putting the tool in the hands of thousands of engineers to help speed the creation of generative AI applications.
GOLDMAN SACHS’ PROFIT JUMPS AS TRADERS DELIVER GAINS
Goldman Sachs made its GS AI Assistant available to the firm’s developers last year. (REUTERS/David Gray/File Photo / Reuters Photos)
Goldman built the GS AI Assistant so that it can interact with different LLMs that power various AI tools, like OpenAI’s GPT-3.5 and GPT-4, Google’s Gemini, as well as open source models – allowing users the ability to choose the model that best suits their needs.
In January, Goldman Sachs rolled out the AI tool to 10,000 employees as the project widened its scope across the company’s workforce.
The GS AI Assistant has features tailored to different work functions, so developers, investment bankers, research analysts and employees involved with asset and wealth management all have versions of the AI copilot with capabilities designed to aid in carrying out those duties.
GOLDMAN SACHS CEO SAYS MARKETS WILL ‘SETTLE DOWN’ AFTER A ‘RESET OF EXPECTATIONS’
Goldman Sachs CEO David Solomon previewed the firm’s AI plans on an earnings call earlier this year. (Photographer: Jeenah Moon/Bloomberg via Getty Images / Getty Images)
The company also added translation functionality so that analysts and wealth managers can translate research and other documents into specific languages preferred by clients.
Goldman Sachs CEO David Solomon said on the company’s first quarter earnings call the firm is “leveraging AI solutions to scale and transform our engineering capabilities as well as to simplify and modernize our technology stack.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“We continue to believe an acceleration in AI adoption will allow for further efficiencies for our own business, and for companies large and small. As it is utilized more broadly, productivity gains for the economy will be significant,” Solomon added.
