Goldman Sachs hires a new employee that could be a 'nightmare' for engineering graduates
has made a hiring decision that could send shockwaves through the
engineering job market
: the investment banking giant is deploying
Devin
, an AI software engineer that never sleeps, never takes breaks, and never asks for a raise. The bank announced it will initially deploy hundreds of these autonomous coders, with plans to scale to thousands.
The AI employee, developed by London-based startup Cognition, represents a seismic shift in how major financial institutions approach software development. Goldman's Chief Information Officer
Marco Argenti
told CNBC that Devin will function "like our new employee who's going to start doing stuff on the behalf of our developers."
AI workforce could transform banking productivity
With Goldman employing 12,000 human developers, the introduction of thousands of AI coders signals a fundamental transformation in the industry's labor dynamics. Argenti projects that Devin could boost productivity by three to four times compared to previous AI tools, focusing on routine tasks like updating legacy code that human engineers often consider drudgery.
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"Those models are basically just as good as any developer, it's really cool," Argenti told CNBC, describing the AI's capabilities as matching human performance levels.
Entry-level positions face uncertain future
The implications for aspiring engineers are particularly concerning. Bloomberg Intelligence warned in January that banks could eliminate up to 200,000 jobs globally over the next three to five years due to AI adoption. Traditional analyst positions—the typical entry point for finance careers—may shrink dramatically as routine coding and research tasks become increasingly automated.
However, Argenti envisions a "hybrid workforce" where humans and AI work collaboratively. "It's really about people and AIs working side by side," he explained to CNBC. "Engineers are going to be expected to have the ability to really describe problems in a coherent way and turn it into prompts."
While roles requiring sector expertise, client relationships, and high-stakes judgment are expected to remain resilient, the era of AI coders has officially begun on Wall Street.
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