Goldman is assembling a growing arsenal of AI tools. Here's everything we know about 5.
Last summer, Goldman Sachs' tech chief, Marco Argenti, shared a "completely not scientific" prediction with Business Insider that, in about three years, almost "100%" of Goldman's global workforce would interact with artificial intelligence while doing their jobs.
"It's going to be just like email at the end of the day," Argenti, the bank's chief information officer, said about AI in the 2024 interview, calling it "something that in some form is going to touch everyone." About a year later, the firm appears to be well on the way toward its goal.
Argenti came to Wall Street in 2019 by way of Amazon's gigantic cloud business, and now finds himself at the nexus of the bank's accelerating AI strategy. With his help, the firm has rolled out multiple AI-powered tools for about 10,000 members of its more than 46,000-person worldwide workforce. It's planning to expand some — like its AI Assistant chatbot — to all employees by the year's end.
On the firm's most recent earnings call, CEO David Solomon told shareholders he was expecting big things from AI — like his belief that it will "transform our engineering capabilities" and "modernize our technology stack."
Top executives report witnessing some of the benefits Solomon was pointing to. Melissa Goldman, a partner and global head of engineering in the banking and markets division, told BI that software engineers using the developer copilot had seen efficiency gains of up to 20%.
Goldman's growing suite of tools so far aims to boost employees' productivity. The firm is creating copilots designed to remove some of the drudgery from bankers' lives, for instance, like assembling presentations and prepping for client meetings; and AI polyglots fluent in several languages, saving research-distribution teams days burned doing manual translations.
All the tools were built on the bank's proprietary GS AI Platform, which debuted in 2024. It's equipped with access to some of the most prominent large language models, like ChatGPT or Google's Gemini, but a protective layer was added to insulate the firm's sensitive data from outsiders.
Over the past year, BI has talked to multiple Goldman executives, including Argenti and Goldman, about their AI strategy. Through interviews and a review of the firm's public comments, we compiled intel about five of Goldman's AI tools, including what they do and whom they were made for. Details about each one tell a story about where the bank stands today on its AI journey.
Here's everything we know.
GS AI Assistant
What it does: Goldman Sachs' in-house version of ChatGPT
Think of the GS AI Assistant as a sidekick for Goldman employees.
It uses a chat interface, similar to that of ChatGPT, but can pull its responses from the bank's confidential data repository. Right now, it's available to about 10,000 workers; the firm is intending to get it in the hands of the rest of the bank's workforce of over 46,000 by the end of the year.
It can perform a variety of functions, helping executives draft presentations and plan off-site meetings, or serving as a "personal tutor" for quant strategists. What's more, this system is a backbone of Goldman's AI offerings — a wellspring from which several other tools, like Translate AI, described below, have emerged.
As seven Goldman employees ranging from analyst to partner recently told BI, the GS AI Assistant is becoming part of daily life at the firm. These regular users spoke about use cases ranging from learning about printing call options and authoring original lines of code to preparing notes to guide intense strategic discussions.
"I use it every day for getting a head start on traditionally time-consuming tasks," said one engineering associate about how he leverages the tech. It's been "saving me hours every week," the associate, Konstantin Kuchenmeister, added.
Banker Copilot
What it does: Streamlines some aspects of investment bankers' jobs
Members of Goldman's investment banking division are also set to get an AI boost with the bank's so-called banker copilot, which makes access to high-level, protected data about matters like deal-making available to eligible users. Only a small group numbering in the dozens has access to it right now since it's in the early stages of development.
But the promise of what the AI assistant could represent for the banking business is hard to deny. Solomon himself has acknowledged the potential for AI to automate large chunks of tedious processes, like drafting S-1 regulatory disclosures for initial public offerings, for instance.
The banker copilot is expected to help users in several ways: among them, compiling data on clients and deals, analyzing corporate filings for hard-to-find cues that bankers would want to know about, drafting lengthy documents, or summarizing notes. It will have access to special subsets of data only to those authorized to see it.
Legend AI Query
What it does: A search tool that uses AI to navigate the bank's vast repository of data
Goldman uses a system called Legend, an open-source data management and governance platform. Accessing Goldman's vast vault of knowledge used to require users to know what they were looking for — as well as where they were looking — ahead of time, using a tool called "Legend Query." Think of this process as being like perusing dozens of stacks in a library, but without a librarian to help.
Enter Legend AI Query, a query tool that saves time by tapping artificial intelligence to serve as that librarian. Legend AI Query, which is in early stages of its rollout, is the firm's digital research assistant for accessing data using natural language descriptions. Neema Raphael, Goldman's chief data officer, told BI that this interface, combined with the bank's data, amounted to an "information superintelligence to help the human build a better mental model faster and quicker."
Here's how it works: To access files that could be deep within the bowels of Legend, all a user has to do is enter a query into the system in plain English and AI will do the rest. Examples of requests could look like:
Show me all swap trades with financial institution Y in Americas by the rates desk on May 1, 2025
Give me a list of commercial loan facilities that are maturing today.
Can I get the last price for April 25 crude oil futures with ticker XYZ?
Legend Copilot
What it does: A fast-tracked way to upload data onto Legend, and keep the system organized
Legend Copilot, which launched in October, is a tool primarily designed for use by data engineers to maintain Legend's infrastructure, and keep its information streams organized for others to access.
Legend draws on data that originates in other databases, but still needs to be routed into the centralized Legend system. The AI-powered assistant enables Goldman's engineers to generate end-to-end data models or APIs in minutes, though it used to be a much lengthier process when they did it manually.
The copilot also gives engineers templates on which they can create new reports, models, or APIs, streamlining the whole process.
Translate AI
As a global bank, Goldman Sachs has clients worldwide. Sometimes, those clients have a preferred language that's not English.
To reach clients in their non-English speaking language, the bank would historically outsource some of this translation work, but turnaround times could stretch into days. That's why Goldman built Translate AI, an in-house and generative AI-powered solution that can translate text in seconds or minutes, on top of its GS AI Assistant platform.
Teams within groups like asset and wealth management or global investment research are using Translate AI, which translates to and from English. Kerry Blum, a partner and global head of the equity structuring group who manages assets of high-net-worth individuals, told BI that members of her team were using the tool to translate writing in nine different languages so far.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
37 minutes ago
- Business Insider
American tourists can't quite quit Europe
The American dream may be struggling, but for many, the Euro summer dream is alive and well. Jimin Shim, a millennial copywriter who lives in Denver, has plenty of concerns about the economy, from stock market volatility that she feels has been brought on by the current administration to a tough job market. Still, she's vacationing in Portugal later this month, and treating her mom to the trip too. "Traveling is very important to me. I try to do at least one international trip a year and then maybe a couple of domestic trips," she told Business Insider. "And because I know that that is a priority for me, it's something that I budget for and am saving up for all year round." While there's been some softening in leisure travel demand this year, data and surveys suggest Shim is one of many Americans who are weighing their international travel plans against their worries about the economy and saying, "book it." The extent to which Americans are pulling back on international trips this summer is not fully clear. An analysis from Cirium, an aviation analytics company, found summer bookings from the US to Europe were down nearly 10% from January to May compared to last year. Meanwhile, a summer travel survey from Deloitte, released in May, found more Americans were traveling internationally this summer compared to 2024, with most headed to Europe. And a recent data analysis by Allianz Partners, a travel insurance and assistance company, found summer travel from the US to Europe would increase by 10% in 2025. The economy isn't the only reason Americans might rethink travel to Europe this summer. The weakening US dollar doesn't go as far as it used to, and some Americans are worried about their safety or not feeling welcomed abroad due to the current administration's approach to foreign policy. Americans are also waiting longer to book their trips, which could complicate the picture. Still, it's clear that many Americans are traveling abroad despite the downturn in consumer sentiment. "I think you're seeing a hesitancy," Amir Eylon, president and CEO of Longwoods International, a market research consultancy that specializes in the travel tourism industry, told BI. "I still believe a majority of American travelers who were planning to go abroad are still going to go abroad." The enduring appeal of Euro summer Eylon said that while there are indications of a slowdown, it does not look like a "game-changing" shift. His firm's monthly consumer sentiment survey of 1,000 travelers found the number of American travelers who said they were very likely to take an international trip in the next 12 months declined from 25% in January to 19% in May. He noted travelers seemed to be in a "wait and see" mode this spring, echoing what other industry experts have said and previously told BI — that travelers are booking closer to travel dates, in part as they search for good deals. Eylon said it is possible there will be an overall decline in Americans visiting Europe this year, but it's too soon to tell the full picture. He thinks those canceling or ditching trip plans will be in the minority. "American travelers view it as a need more than a want," he said of travel, adding that many see it as a "right." Meredith Pierce, a travel content creator based in Atlanta, said that's exactly how she and many other millennials and Gen Zers view travel, including to Europe. Pierce posts a lot of popular "Euro summer" content and sees it as a persistent and lasting travel trend, even when folks have financial concerns. "Everyone loves the idea of sipping an Aperol spritz and looking at the Mediterranean," Pierce said, "especially if maybe you are stressed in your day-to-day life because of politics or the economy or budgets, or anything like that. A bit of escapism I think comes into play there as well." The hesitancy fueled by economic uncertainty could also make it a bit more affordable to travel to Europe this summer. Eylon noted the slowdown in leisure travel led to some declines in airfare prices, which may have pushed some hesitant Americans to take the plunge. When economic concerns, largely fueled by Trump's tariff policy, intensified in March and April, some airlines suspended their forecasts for the year, and flight prices declined. Rather than get spooked by the economic uncertainty, Pierce believes plenty of people pounced. Her "Euro summer" content from last year started going viral, and she was getting flooded with DMs and questions from people who found a cheap flight to Europe and were suddenly planning their trips. Pierce said some budget-conscious travelers are opting for more affordable and under-the-radar destinations in Europe, such as Albania or Poland, which feature similarly picturesque scenes but at a lower cost than Italy or Paris. More frugal spending once they get to their destination Deloitte's summer travel survey noted that many American travelers already had their big summer trips partially or even fully booked by April, when concerns around tariffs and the economy intensified. The survey also found that while consumers' sense of financial well-being was down year-over-year in April, slightly more Americans planned to take leisure vacations this summer compared to 2024. Deloitte found travelers looking to save were cutting back on in-destination spending as well as opting for more affordable lodging and flight classes. The survey also found that while some are being more frugal, many Americans are prioritizing bucket list trips and international travel, or trips that are otherwise special in some way. Deloitte found 42% of air travelers were flying internationally on their longest summer trip, compared to 38% in 2024. Those traveling internationally were also more likely to increase their travel budget compared to last year. Shim, the copywriter from Denver, also has a special reason for making her Portugal trip work this year, despite her financial concerns. Her family has been going through a tough time after her grandfather's death last year. This vacation is a way to spend quality time with and treat her mom, who has never been to Europe, and take the first trip that's just the two of them. "I also think that sometimes in these times of uncertainty and tumultuousness and a lot of tension and division, traveling and spending quality time with family who loves you is a great way to just take care of your mental and emotional health too," she said, "which I think is also very important to do."
Yahoo
43 minutes ago
- Yahoo
Best CD rates today, June 8, 2025 (lock in up to 4.2% APY)
Find out how much you could earn by locking in a high CD rate today. A certificate of deposit (CD) allows you to lock in a competitive rate on your savings and help your balance grow. However, rates vary widely across financial institutions, so it's important to ensure you're getting the best rate possible when shopping around for a CD. The following is a breakdown of CD rates today and where to find the best offers. Historically, longer-term CDs offered higher interest rates than shorter-term CDs. Generally, this is because banks would pay better rates to encourage savers to keep their money on deposit longer. However, in today's economic climate, the opposite is true. As of June 8, 2025, CD rates are still competitive, particularly for shorter terms. Today, the highest CD rate is 4.2% APY, offered by Marcus by Goldman Sachs on its 9-month CD. There is a $500 minimum opening deposit required. Here is a look at some of the best CD rates available today from our verified partners: This embedded content is not available in your region. The amount of interest you can earn from a CD depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (CD interest typically compounds daily or monthly). Say you invest $1,000 in a one-year CD with 1.81% APY, and interest compounds monthly. At the end of that year, your balance would grow to $1,018.25 — your initial $1,000 deposit, plus $18.25 in interest. Now let's say you choose a one-year CD that offers 4% APY instead. In this case, your balance would grow to $1,040.74 over the same period, which includes $40.74 in interest. The more you deposit in a CD, the more you stand to earn. If we took our same example of a one-year CD at 4% APY, but deposit $10,000, your total balance when the CD matures would be $10,407.42, meaning you'd earn $407.42 in interest. Read more: What is a good CD rate? When choosing a CD, the interest rate is usually top of mind. However, the rate isn't the only factor you should consider. There are several types of CDs that offer different benefits, though you may need to accept a slightly lower interest rate in exchange for more flexibility. Here's a look at some of the common types of CDs you can consider beyond traditional CDs: Bump-up CD: This type of CD allows you to request a higher interest rate if your bank's rates go up during the account's term. However, you're usually allowed to "bump up" your rate just once. No-penalty CD: Also known as a liquid CD, type of CD gives you the option to withdraw your funds before maturity without paying a penalty. Jumbo CD: These CDs require a higher minimum deposit (usually $100,000 or more), and often offer higher interest rate in return. In today's CD rate environment, however, the difference between traditional and jumbo CD rates may not be much. Brokered CD: As the name suggests, these CDs are purchased through a brokerage rather than directly from a bank. Brokered CDs can sometimes offer higher rates or more flexible terms, but they also carry more risk and might not be FDIC-insured. This embedded content is not available in your region.
Business Insider
an hour ago
- Business Insider
4 moves the Trump administration could make if courts strike down its tariffs
President Donald Trump has four more swings at implementing his tariffs — even if courts strike down his use of the IEEPA. Experts in international trade told Business Insider that Trump could take four different routes to imposing trade barriers without Congress. All four are doable, though significantly more complicated, and are unlikely policies he could change at will overnight. "Now we're over a hundred days into the tariffs, andtariffs are a very top-of-the-agenda item," Drew DeLong, lead in geopolitical dynamics practice at Kearney, a global strategy and management consulting firm, told BI. "There are a number of motivations underneath tariffs, and whether his current tariffs stay, he will find ways to continue to amplify pressure on trading partners," DeLong added. After small businesses sued Trump and his various trade officials over tariffs, the US Court of International Trade ruled unanimously on May 28 that he doesn't have the authority to levy sweeping tariffs using the IEEPA — a 1970s law typically used for economic sanctions during national emergencies. The Court of Appeals for the Federal Circuit resumed the tariffs a day later, but their fate remains uncertain. "That decision, if it is favorable to Trump, would still go to the Supreme Court for review," said Kent Jones, Professor Emeritus of international economics at Babson College. "Many conservative judges, even Trump appointees, have tended to view Trump's use of IEEAP as overstepping the limits of delegating tariff-making power from Congress to the President." Here are four things the Trump administration could do next to keep trade barriers up without Congress. Section 122 DeLong said Section 122 of the Trade Act of 1974, also known as the Balance of Payments Act, could be the White House's first choice if it wants to "continue the pressure immediately" on trading partners. The act's official language allows it to be applied only if there are "large and serious United States balance-of-payments deficits," otherwise known as trade deficits. "Section 122 is probably going to be a top pick," Robert Shapiro, an attorney of international trade at Thompson Coburn LLP, told BI. "That gives Trump some vehicle, but it's a limited 15% for 150 days, and then he has to go to Congress." "That would open the door for Congress to pass a whole bunch of trade actions, but the administration obviously didn't want to go through that first," Shapiro added. Section 232 Section 232 under the Trade Expansion Act of 1962 allows the White House to raise duties on imports it deems a threat to national security. A recent probe into critical mineral imports, for example, argued that the US is overly dependent on foreign sources for materials essential to defense, infrastructure, and innovation. DeLong said that at the moment, there are at least eight ongoing Section 232 investigations, including those involving copper, timber, and semiconductors. He said the recent June 3 tariff hike on steel and aluminum from 25% to 50% is also being done under section 232. Jones said, however, that each section 232 tariff requires a formal investigation, and the sectors it could be applied to are limited. "The problem with section 232 is that it requires a separate action for each industrial category of goods against which tariffs can be imposed," said Jones. "The perceived advantage of the IEEPA was that it allowed broad tariff coverage across the board to all industries." Section 301 Section 301 of the Trade Act of 1974 gives the US Trade Representative — now Jamieson Greer — broad authority to investigate whether other countries are violating existing trade agreements or hurting American businesses. DeLong said that the first Trump administration leaned heavily on the provision to impose tariffs on hundreds of billions of dollars worth of Chinese goods and aircraft from the European Union. But section 301 would require a formal investigation and even a public comment period. "The problem with sec. 301, however, is that it requires a separate determination of specific foreign unfair or discriminatory trade practices, country by country," said Jones. "The IEEPA, again, seemed to give the President more flexibility in declaring an emergency against all global imports into the US without the need to document specific foreign practices," Jones added. Section 338 DeLong said Section 338 of the Tariff Act of 1930 could theoretically allow any US president to impose up to a 50% tariff on countries that discriminate against the US. However, he said this would be a very uncommon approach that could again bring the tariff argument into uncharted territories. "That has not been used — and I don't think I'm understating this —in decades, or ever," said DeLong of section 338. "That would be relatively new."
