Latest news with #Argenti
Yahoo
28-05-2025
- Business
- Yahoo
Why Goldman Sachs' tech chief envisions a future of humans managing AI agents
Listen and subscribe to Opening Bid on Apple Podcasts, Spotify, YouTube or wherever you find your favorite podcasts. In the continuing saga of humans vs. the AI revolution, fear is common for anyone fretting about its impact on their job or quality of life. "Listen, this [AI] is just another transition, like before Excel, after Excel, or before or after you could use a search engine," Goldman Sachs (GS) chief information officer Marco Argenti told Yahoo Finance Executive Editor Brian Sozzi on a new episode of the Opening Bid podcast (see the video above or listen below). "It's more about what part of your job is like something that you really feel that you add unique value," he continued. "It elevates your work rather than doing repetitive tasks." This embedded content is not available in your region. Argenti is fluent in the dance between human and machine. Before joining Goldman Sachs, he was involved in tech integration across several departments within Amazon's (AMZN) AWS cloud services division. "I came in 2013, which was almost at the beginning of a mega cycle of cloud computing," he recalled. Argenti joined Goldman Sachs in 2019, just as AI was beginning its rise in everyday use. "I would estimate that at this moment, close to two-thirds of the organization in one way or another is exposed to an AI tool," he said of the investment bank. AI adoption comes in waves, starting with using it to make existing processes more efficient, followed by deeper integration into the organization, Argenti said. Another milestone is using AI agents to perform tasks such as analysis and data extraction in reports. "The way you scale those agents is that [they] are outsourced to other agents," he said. "The same way as you have managers." Early on, fear of AI's negative impacts on the human workforce reigned supreme. In 2023, critics cited lack of human insight, creativity, and privacy issues among their concerns. That same year, Goldman Sachs estimated AI could upend as many as 300 million jobs, and Resume Builder surveyed 750 business leaders about their attitudes toward AI. Of the companies using AI, 37% said the technology would replace some of their workers. In 2024, a separate poll found that 44% of employers would "definitely or probably" lay off workers due to AI. Meanwhile, the economy has had its AI-related ups and downs. Last summer, AI chip king Nvidia (NVDA) disrupted the "Magnificent Seven" and briefly became the highest-valued company. Later, upstarts like DeepSeek entered the arena, threatening incumbent large language models (LLM) by doing a similar job for cheaper. Yet, it isn't as simple as replacing humans with machines. Everything has a shelf life, and according to Argenti, AI agents aren't immune. "Essentially, you shut them down or retrain them," he said of the risks of an AI workforce. "You can actually put them back to the drawing board and retrain them." Argenti envisions a world where humans and machines coexist, with their best talents being put to use. "You might have some job displacement at the beginning, but then those industries tend to create a lot of new jobs," he said. "We have 12,000 developers within Goldman Sachs out of 45,000 people. If we didn't have computers, we wouldn't have those people, and so generally it rebalances itself." "I think that will be the same for AI, except there is a certain velocity," he said. Three times each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid. You can find more episodes on our video hub or watch on your preferred streaming service. Grace Williams is a writer for Yahoo Finance. Correction: A previous version of this article incorrectly listed Marco Argenti's title. We regret the error.
Yahoo
23-05-2025
- Business
- Yahoo
Why Goldman Sachs' tech chief envisions a future of humans managing AI agents
Listen and subscribe to Opening Bid on Apple Podcasts, Spotify, YouTube or wherever you find your favorite podcasts. In the continuing saga of humans vs. the AI revolution, fear is common for anyone fretting about its impact on their job or quality of life. "Listen, this [AI] is just another transition, like before Excel, after Excel, or before or after you could use a search engine," Goldman Sachs (GS) chief investment officer Marco Argenti told Yahoo Finance Executive Editor Brian Sozzi on a new episode of the Opening Bid podcast (see the video above or listen below). "It's more about what part of your job is like something that you really feel that you add unique value," he continued. "It elevates your work rather than doing repetitive tasks." This embedded content is not available in your region. Argenti is fluent in the dance between human and machine. Before joining Goldman Sachs, he was involved in tech integration across several departments within Amazon's (AMZN) AWS cloud services division. "I came in 2013, which was almost at the beginning of a mega cycle of cloud computing," he recalled. Argenti joined Goldman Sachs in 2019, just as AI was beginning its rise in everyday use. "I would estimate that at this moment, close to two-thirds of the organization in one way or another is exposed to an AI tool," he said of the investment bank. AI adoption comes in waves, starting with using it to make existing processes more efficient, followed by deeper integration into the organization, Argenti said. Another milestone is using AI agents to perform tasks such as analysis and data extraction in reports. "The way you scale those agents is that [they] are outsourced to other agents," he said. "The same way as you have managers." Early on, fear of AI's negative impacts on the human workforce reigned supreme. In 2023, critics cited lack of human insight, creativity, and privacy issues among their concerns. That same year, Goldman Sachs estimated AI could upend as many as 300 million jobs, and Resume Builder surveyed 750 business leaders about their attitudes toward AI. Of the companies using AI, 37% said the technology would replace some of their workers. In 2024, a separate poll found that 44% of employers would "definitely or probably" lay off workers due to AI. Meanwhile, the economy has had its AI-related ups and downs. Last summer, AI chip king Nvidia (NVDA) disrupted the "Magnificent Seven" and briefly became the highest-valued company. Later, upstarts like DeepSeek entered the arena, threatening incumbent large language models (LLM) by doing a similar job for cheaper. Yet, it isn't as simple as replacing humans with machines. Everything has a shelf life, and according to Argenti, AI agents aren't immune. "Essentially, you shut them down or retrain them," he said of the risks of an AI workforce. "You can actually put them back to the drawing board and retrain them." Argenti envisions a world where humans and machines coexist, with their best talents being put to use. "You might have some job displacement at the beginning, but then those industries tend to create a lot of new jobs," he said. "We have 12,000 developers within Goldman Sachs out of 45,000 people. If we didn't have computers, we wouldn't have those people, and so generally it rebalances itself." "I think that will be the same for AI, except there is a certain velocity," he said. Three times each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid. You can find more episodes on our video hub or watch on your preferred streaming service. Grace Williams is a writer for Yahoo Finance. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
Why Goldman Sachs' tech chief envisions a future of humans managing AI agents
Listen and subscribe to Opening Bid on Apple Podcasts, Spotify, YouTube or wherever you find your favorite podcasts. In the continuing saga of humans vs. the AI revolution, fear is common for anyone fretting about its impact on their job or quality of life. "Listen, this [AI] is just another transition, like before Excel, after Excel, or before or after you could use a search engine," Goldman Sachs (GS) chief investment officer Marco Argenti told Yahoo Finance Executive Editor Brian Sozzi on a new episode of the Opening Bid podcast (see the video above or listen below). "It's more about what part of your job is like something that you really feel that you add unique value," he continued. "It elevates your work rather than doing repetitive tasks." This embedded content is not available in your region. Argenti is fluent in the dance between human and machine. Before joining Goldman Sachs, he was involved in tech integration across several departments within Amazon's (AMZN) AWS cloud services division. "I came in 2013, which was almost at the beginning of a mega cycle of cloud computing," he recalled. Argenti joined Goldman Sachs in 2019, just as AI was beginning its rise in everyday use. "I would estimate that at this moment, close to two-thirds of the organization in one way or another is exposed to an AI tool," he said of the investment bank. AI adoption comes in waves, starting with using it to make existing processes more efficient, followed by deeper integration into the organization, Argenti said. Another milestone is using AI agents to perform tasks such as analysis and data extraction in reports. "The way you scale those agents is that [they] are outsourced to other agents," he said. "The same way as you have managers." Early on, fear of AI's negative impacts on the human workforce reigned supreme. In 2023, critics cited lack of human insight, creativity, and privacy issues among their concerns. That same year, Goldman Sachs estimated AI could upend as many as 300 million jobs, and Resume Builder surveyed 750 business leaders about their attitudes toward AI. Of the companies using AI, 37% said the technology would replace some of their workers. In 2024, a separate poll found that 44% of employers would "definitely or probably" lay off workers due to AI. Meanwhile, the economy has had its AI-related ups and downs. Last summer, AI chip king Nvidia (NVDA) disrupted the "Magnificent Seven" and briefly became the highest-valued company. Later, upstarts like DeepSeek entered the arena, threatening incumbent large language models (LLM) by doing a similar job for cheaper. Yet, it isn't as simple as replacing humans with machines. Everything has a shelf life, and according to Argenti, AI agents aren't immune. "Essentially, you shut them down or retrain them," he said of the risks of an AI workforce. "You can actually put them back to the drawing board and retrain them." Argenti envisions a world where humans and machines coexist, with their best talents being put to use. "You might have some job displacement at the beginning, but then those industries tend to create a lot of new jobs," he said. "We have 12,000 developers within Goldman Sachs out of 45,000 people. If we didn't have computers, we wouldn't have those people, and so generally it rebalances itself." "I think that will be the same for AI, except there is a certain velocity," he said. Three times each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid. You can find more episodes on our video hub or watch on your preferred streaming service. Grace Williams is a writer for Yahoo Finance. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
Goldman is assembling a growing arsenal of AI tools. Here's everything we know about 5.
Goldman Sachs has been building out its generative AI toolkit. The firm aims to release one of its tools, an AI assistant, to most staff this year. Here's a look at five such tools — the promise of what they can do, plus who's using them and how. 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. 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. 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. 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? 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. What it does: In-house language translation to and from English 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. Have a tip? Contact this reporter via email at ralexander@ or SMS/Signal at 561-247-5758. Use a personal email address and a nonwork device; here's our guide to sharing information securely. Read the original article on Business Insider
Business Insider
13-05-2025
- Business
- Business Insider
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.
