Latest news with #GSAIPlatform
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
Trump's trade agreement with China is another big win for investors
Hello there! Want to be a LinkedIn influencer? (Yes, that's a real thing.) A recent study that included interviews with more than two dozen influencers broke down the key things to remember when building that network. In today's big story, the stock market popped after a temporary trade agreement between the US and China was reached. We look at what some top Wall Street minds expect going forward. What's on deck Business: Costco's gold bars are such a hot commodity, the retailer put new limits on buying them. But first, another big win for investors. If this was forwarded to you, sign up here. The big story Tariff turnaroundPresident Donald Trump's tariffs had investors heading for the hills. A little over a month later, they can't come back fast enough. An agreement between the US and China to significantly reduce tariffs for 90 days sent the market skyrocketing. Major indexes gained considerable ground, erasing the losses from Trump's April 2 "Liberation Day." In all honesty, we should have seen this coming. On May 8, Trump told a press pool at the White House, "You better go out and buy stock now." It was the second time in the past few months that Trump has telegraphed market-moving news coming down the pipeline by urging people to buy stocks. Now, investors who followed Trump's advice are sitting pretty. Tech stocks, including the all-important Magnificent Seven, were up big since many have supply chains and/or customers tied to China. And stocks weren't the only thing heading in the right direction. The progress made on US-China trade talks has people less fearful of a recession. Betting markets dropped the chances down to 40% from 52%, where it was last week. Jennifer Sor/BI That's what some of the brightest minds on Wall Street tried to think through when reacting to the news. Here's a rundown of their thoughts. Not to be a party pooper, but the trade agreement reached between the US and China is still only temporary. The two sides must iron out many issues before anything permanent is established. Let's not forget the actual tariffs. Both sides have significantly lowered the trade taxes against each other (China 125% to 10%, US 145% to 30%), but the risk remains. Fed Gov. Adriana Kugler said Monday that the current trade policies still "appear likely to generate significant economic effects even if tariffs stay close to the currently announced levels." Roger Altman, founder of investment bank Evercore, estimated the US's overall tariff rate is around 14% compared to 3-4% during President Joe Biden's administration. All of that is to say, the concerns economists have always had about Trump's trade policy — a rise in inflation, slower economic growth — are still very much on the table. 3 things in markets Getty Images; Jenny Chang-Rodriguez/BI 1. How Goldman Sachs is supercharging employees with AI. The bank's GS AI Platform has been growing its suite of tools aimed to boost employees' productivity. BI spoke with multiple Goldman executives over the past year and compiled intel on five of its AI tools. Here's everything we know. 2. Retirement travel dreams, deferred. BI spoke to several retirees who planned on spending their golden years traveling. Now, between rising costs and financial concerns, they said they're either finding creative ways to afford it or rethinking their plans altogether. 3. Another House representative made money on tariff turmoil. It's not just Marjorie Taylor Greene: Democratic Rep. Jared Moskowitz bought tens of thousands of dollars of stock during the market chaos in April. Both lawmakers say their trades were made by an outside financial advisor. 3 things in tech 1. Amazon is getting back together with its (Fed)Ex. The two companies, which split in 2019, signed a partnership deal in late February, according to an internal document obtained by BI. Amazon cited FedEx's "cost favorability" over UPS, which previously said it would reduce its shipping volume for Amazon packages over profitability concerns. 2. The tortoise and the hare. Last week, Bill Gates announced plans to close the Gates Foundation in the next 20 years. Instead of the foundation winding down spending, he's ramping it up. It's a stark contrast to Elon Musk's chainsaw-wielding approach with DOGE — and Musk could take some notes. 3. The women powering little tech in 2025. Meet BI's Seed 40, our annual list of the best women early-stage investors with a knack for spotting and working alongside founders. This year's honorees have placed bets across some of 2025's hottest verticals, from AI to health tech. 3 things in business Hugo Herrera for BI 1. Tariffs are going to hit Gen Z especially hard. In the face of tariff price hikes, Gen Z is already disadvantaged by having less wealth than other generations. But tariffs could hit some Gen Z-specific products to the point of extinction, from Korean beauty products to anxiety meds. 2. Costco tries to stem the gold rush. The wholesaler has been putting limits on purchases of gold and other precious metals in recent months. Gold prices have been on a tear this year, and even with earlier restrictions, Costco said its inventory had sold out "within a few hours." 3. Temu's left out of Trump's tariff reprieve. Although goods from China are being taxed at 30% and not 145% for the next 90 days, Temu and Shein are still subject to high duties which remain on small packages shipped directly from China. Fortunately, Temu has a workaround. In other news Trump is headed to Saudi Arabia — and a 'who's who' of US CEOs are right behind him. Sean Combs' jury is mostly male and has a few hip-hop fans. Here's what we know about the 12 who will decide his fate. One of the top AI companies won't let you use AI when you apply for a job there. Google cofounder Sergey Brin settles with the family of a pilot killed in a plane crash. How Rudina Seseri stays ahead of the investing curve by being on the 'bleeding edge' of all things AI. Their scientific discoveries are on the chopping block in the US, so they're taking their work abroad: ' It's not worth staying here.' Tariffs are hitting e-commerce brands, so Postscript is eating some costs to keep them afloat. Harvey made legal tech cool enough for Silicon Valley to care again. 'MAGA red' and hidden linings: A designer reveals the secrets of Karoline Leavitt's White House fashion. What's happening today The Business Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Ella Hopkins, associate editor, in London. Elizabeth Casolo, fellow, in Chicago.
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.
