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Arabian Post
21 hours ago
- Business
- Arabian Post
Goldman Sachs Embraces Devin as Agentic AI Coder
Goldman Sachs has begun deploying 'Devin,' an autonomous coding agent developed by London-based startup Cognition, as part of its technology workforce, Chief Information Officer Marco Argenti confirmed to CNBC. The bank plans to roll out hundreds, potentially thousands, of Devin instances working alongside its approximately 12,000 human software engineers. Argenti described Devin as a 'new employee' that will augment rather than replace human programmers, forming what he called a 'hybrid workforce' model. Under this arrangement, human engineers will supervise agentic AI, utilising Devin to handle routine or repetitive tasks such as updating legacy systems, freeing them to focus on more complex problems. Introduced last year, Devin is billed as the first AI software engineer capable of full-stack development. It functions autonomously, making decisions across coding tasks using natural language prompts. Early demos impressed observers, though some testing exposed limitations. In one evaluation, Devin completed only 3 out of 20 tasks successfully, and while it outperformed typical large language model chatbots, it still required oversight for errors and oversight. ADVERTISEMENT Cognition – now valued at around $4 billion and backed by investors including Joe Lonsdale and Peter Thiel – updated Devin to version 2.1 in May. The startup says the model excels in large codebases where ample context is available. Goldman's move builds on its firm‑wide deployment of GS AI Assistant, a generative AI platform already used by tens of thousands of employees for drafting content, summarising documents, and analysing data. GS AI Assistant integrates multiple large language models, including OpenAI and Google Gemini. The introduction of Devin raises broader questions about automation's impact on the financial sector. Bloomberg Intelligence warned that AI adoption could put up to 200,000 banking jobs at risk globally over the next three to five years. However, Goldman maintains that AI agents like Devin will bolster human productivity rather than replace it. Argenti emphasised that engineers will need to 'describe problems coherently, turn them into prompts and supervise', highlighting a shift in human roles toward management and oversight of AI systems. Within Goldman, internal data suggests productivity gains of 20 per cent among teams using AI tools, according to statements by President John Waldron. Competitors are also deepening their AI investments. JPMorgan has rolled out internal generative-AI tools to its 60,000 staff, while Morgan Stanley and Citigroup have launched assistants for client reports and document handling. Nevertheless, specialists caution that agentic AI systems like Devin remain imperfect. Code generated by AI may introduce bugs or security vulnerabilities, necessitating stringent review protocols. Moreover, studies hint that less experienced developers might slow down when overly reliant on AI tools, prompting concerns about atrophy of critical thinking. To address these challenges, experts advise that organisations establish robust supervision frameworks and ensure AI collaboration enhances human judgment. Argenti advocates a philosophy-infused approach to software engineering, urging developers to 'study philosophy alongside technical skills' to enhance critical thinking and ethical oversight. Goldman's integration of Devin represents one of the most significant adoptions of agentic AI in the corporate world. By bringing Devin into its engineering ranks, the bank hopes to accelerate software development, reduce repetitive workloads, and better allocate technical talent—though the long-term effects on workforce composition and skills development remain uncertain. Analysts emphasise that AI agents won't eliminate human roles overnight. Jobs requiring nuanced judgment and relationship-building—such as senior developers, client-facing roles and compliance officers—are expected to remain. Yet, routine positions involving standardised tasks may face greater pressure.
Yahoo
4 days ago
- Business
- Yahoo
TFC Launches Truist Merchant Engage, Rides on Payment Innovation
Truist Financial TFC has introduced Truist Merchant Engage, an integrated merchant services platform aimed at helping small and mid-sized businesses (SMBs) simplify their operations, access real-time insights and grow launch marks a notable expansion of TFC's payments product suite, enabling greater revenue diversification and client base that SMBs represent 99% of U.S. businesses, Truist's ability to capture even a modest share of the $40 billion merchant acquiring market through the integrated, tech-enabled platform positions it well for substantial and recurring non-interest income growth. Truist Merchant Engage offers a more simplified approach to serve business clients by combining core financial services and merchant solutions into a seamless, user-friendly digital platform. It includes real-time dashboards, dynamic onboarding, product discovery and self-service tools that enhance operational efficiency and unlock aligns with Truist's ongoing investments to advance innovative payments technology customized to evolving client demands, aiming to solidify its position as a leader in digital financial services. Launched in late June and set to continue through early 2026, the rollout represents a key move in the company's strategy to modernize business banking with integrated, data-driven Ward, head of Enterprise Payments at Truist, stated, 'Truist Merchant Engage is more than a product — it's a reflection of our purpose-driven commitment to lead the industry with integrated solutions that help businesses thrive. By unifying business banking and merchant services into one seamless experience, we're enabling SMBs to operate more efficiently, make data-driven decisions and grow with confidence.'This April, Truist announced the successful completion of the initial testing phase of an innovative alias-based bill payment solution that allows businesses to offer faster, simpler, more secure and cost-effective bill payments. Shares of TFC have risen 15.6% in the past year, underperforming the industry's growth of 25.9%. Image Source: Zacks Investment Research Currently, Truist carries a Zacks Rank of 3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Last month, Goldman Sachs GS launched GS AI Assistant firmwide, a tool driven by generative AI, according to an internal memo seen by GS AI assistant will help Goldman employees in "summarizing complex documents and drafting initial content to perform data analysis."Similarly, HSBC UK Private Banking, a subsidiary of HSBC Holdings PLC HSBC, has adopted the Addepar platform, which is particularly designed for wealth managers. This move comes after its adoption in the U.S. Private Bank, with plans for rollouts in the Channel Islands and Luxembourg later in the UK Private Banking provides services to domestic and global ultra and high net worth clients alongside family Addepar platform offers a superior client reporting experience, handling complex aspects such as alternative investments and account aggregation. It allows relationship managers and investment advisers to smoothly deliver customized, comprehensive performance reports and investment insights. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Goldman Sachs Group, Inc. (GS) : Free Stock Analysis Report HSBC Holdings plc (HSBC) : Free Stock Analysis Report Truist Financial Corporation (TFC) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
6 days ago
- Business
- Yahoo
Goldman Sachs bets on generative AI and empowers ‘AI natives'
Good morning. Goldman Sachs, one of the world's leading investment banks, is paving the way for the next generation of finance leaders to shape the future of AI in the workplace. The bank hires about 2,500 to 3,000 interns each summer. For the 2025 internship class, Goldman received more than 360,000 applications—a 15% increase from last year, Fortune reported. With an acceptance rate of just 0.7% this year, the program is highly competitive and serves as a pipeline for permanent positions. Goldman has a strong sense of what young finance professionals want in an employer, including a focus on technology. In a new Fortune opinion piece, Marco Argenti, Goldman's chief information officer, argues that companies should empower young professionals with AI skills to help shape strategy. While some predict agentic AI—autonomous systems that can perform tasks and make independent decisions—will displace junior roles, Argenti says the reality is more nuanced. Early-career workers are more essential than ever because they are 'AI natives,' having grown up with generative AI and being uniquely equipped to adapt to and shape its future. 'Understanding how we nurture a generation of AI natives—and equip them with the right skills and tools to be leaders and not passive observers of this transformation—will be critical to defining the future of work, and society at large,' Argenti writes. He continues: 'Their instincts, creativity, and adaptability will determine how successfully we integrate AI into our organizations, not just as a tool but as a partner. The challenge ahead is beyond technological; it is cultural, educational, and distinctively human.' With every major technological shift, a new generation of leaders emerges, especially entrepreneurs whose fluency with AI is reshaping the business landscape. Argenti notes: 'Consider the CEOs of companies like Devin [AI], Windsurf, and Scale AI—all AI natives. Could one of them be the next Bill Gates or Michael Dell?' Goldman recently launched its GS AI Assistant, an internal AI program that enables employees to interact with large language models securely firewalled within the company, reducing the risk of sensitive data leaks. The AI will be used for efficiency gains, the company said in an internal memo, Fortune reported. Research shows that AI adoption among desk workers is accelerating. According to Salesforce's latest Slack Workforce Index, a survey of 5,000 global desk workers found that daily AI users are 64% more productive and 81% more satisfied with their jobs than non-users. More than 95% of workers have used AI to perform tasks they previously lacked the skills to do themselves, and workers are now 154% more likely to use AI agents to enhance their performance and creativity rather than simply automate tasks, according to the findings. Notably, millennials are emerging as the leading AI power users at work: 30% say they thoroughly understand AI agents, surpassing even Gen Z (22%). As AI continues to redefine the workplace, companies like Goldman Sachs highlight the potential benefits of empowering AI natives. Sheryl This story was originally featured on 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
Business Insider
03-07-2025
- Business
- Business Insider
Everyone is saying AI will reshape banking. A new report forecasts exactly how much.
A new report attempts to put hard numbers on a question hanging over every Wall Street corner office: just how much of banking work will AI actually change? Artificial intelligence is on track to redefine 44% of the work done at banks by 2030, according to ThoughtLinks, an independent consulting firm. ThoughtLinks — which is led by founder and CEO Sumeet Chabria, a former tech and operations COO at Bank of America and a Wall Street veteran — mapped nearly 5,000 individual banking "processes" to see which roles or units at banks will experience the most upheaval in their roles. ThoughtLinks found that tech, engineering, and infrastructure—collectively considered one sector — would be most susceptible to transformation, with a projection of 55% of the work involved in that sector being redefined by 2030. It's a logical outcome, considering how many of the tasks in these fields are precisely the kinds that automation is best suited to handle. Front office, client-facing sectors are hardly immune. Commercial banking could be redefined by as much as 49% by 2030, wealth management to the tune of 42%, and investment banking by as much as 33%, according to the report. Wall Street banks are investing heavily to compete. JPMorgan has deployed a large language model suite to its 200,000 employees, while Goldman Sachs has rolled out its own ChatGPT-like sidekick, GS AI Assistant. Citigroup also last week announced a new leadership team to drive AI strategy for its nearly quarter-million workers worldwide. It's important to note that these numbers do not reflect ThoughtLinks' predictions about how many jobs could be lost or created as a result of AI — rather, they look at how much of the work done by those who work in banks could be done differently thanks to the implementation of artificial intelligence. To assess how much each banking process could be redefined, ThoughtLinks developed a framework that maps what bank employees do to nearly 5,000 individual "processes." "'Redefined' reflects substantial AI-enabled, process-level change via automation, resequencing, elimination, or redesign," the firm wrote in its report. In an interview, Chabria said that breaking finance jobs down to their most basic components would be critical to understanding how to retrain workers in the face of the AI revolution. "Clearly, you've got to keep the level of agility," he said, "because things are going to change." Chabria shared three examples with Business Insider of how he anticipates sectors to respond to AI-driven changes. We got a look at snapshots for commercial banking, investment banking, and wealth management. Take a look at what's already transforming, what will be adapted by 2030, and the parts of the job that may stay mostly in the hands of humans for now. Commercial banking: 49% redefined by 2030 What's already being automated: First-generation banking advisor copilot services are now live, helping bankers obtain insights on clients, quickly summarize notes or files, draft basic memos, or flag policy exceptions. Some manual workflows — like creating spreadsheets, drafting emails, and navigating legacy systems — are being replaced. This reduces time doing manual work, as well as human error. Customers have access to virtual AI-enabled assistants on corporate banking systems that give them personalized insights and enable them to do routine transactions more quickly. What is expected to be redefined by 2030: Client onboarding: GenAI will help guide client onboarding conversations and tailor explanations, while the next iteration of AI will likely be able to verify forms and assess risks. Banks will leverage AI to assess small business creditworthiness to expand credit access. Banks will use AI to adjust loan pricing, fee structures, and product terms based on clients' behavior, financial patterns, and market conditions. AI tools will help detect some breaches and generate internal alerts in real time, increasing security 24/7. What is likely to resist being redefined by AI: Large corporate lending will still require human credit judgment and board oversight. Banks will need to rely on legal, tax, risk, and structuring teams. Investment Banking: 33% redefined by 2030 What's already being automated: Drafting documents like prospectuses or pitchbooks is being digitized. Generative AI tools can now pull in some market data, past deals, financial comps, and company-branded slides to build draft pitchbooks in minutes. Internal AI copilots are accelerating deal prep. Bankers can now use GPT-based tools to instantly summarize earnings calls, analyst reports, and client financials. Generative AI tools can now review documents, flag missing disclosures, and summarize new regulatory changes. What is expected to be redefined by 2030: Banks will leverage AI to simulate investor demand or model pricing scenarios for equity and debt offerings. (Final allocation will remain human-led.) AI will help bankers test thousands of ways to structure a deal by adjusting debt, equity, pricing, and covenants to find the right balance for clients. What is likely to resist being redefined by AI: Final IPO and syndicate pricing will remain human-led. Setting the price for a new issuance will require banker judgment, market feel, and live investor feedback. Winning mandates and advising the C-suite will remain relationship-driven and led by humans, who will use AI to enhance their knowledge or judgment and land new mandates. Wealth Management: 42% redefined by 2030 What's already being automated: AI copilots can now answer questions, generate meeting prep docs, and summarize client portfolios — in seconds. Financial planning is faster and becoming more scalable. Tools powered by generative AI can aid advisors in building personalized plans that simulate life events, goals, and risk tolerance without starting from scratch. Client reporting is now becoming personalized with custom commentary on investment performance, market moves, and risk tailored to each client's portfolio. What is expected to be redefined by 2030: Tax management will become more automated and timely. AI will help tailor advice and investment strategies to reflect individual preferences, financial behavior, and goals. On the flip side, clients may use AI to manage their wealth in their own portfolio with smart triggers. What is likely to resist being redefined by AI: Client engagement and coaching will remain human. During market downturns or personal events, clients still want empathy, reassurance, and value judgment that only a trusted advisor can provide.
Yahoo
25-06-2025
- Business
- Yahoo
Goldman Sachs rolls out an internal AI assistant firm-wide
Goldman Sachs has launched an internal AI tool for workers. The launch of GS AI Assistant is behind the company firewall for security reasons and is not expected to immediately result in any layoffs. It's meant to improve employee efficiency. Goldman Sachs is embracing artificial intelligence, but, for now at least, it won't cost any workers their jobs. The investment firm has launched the GS AI Assistant, an AI program that will let workers across its divisions converse with large language models that are firewalled within Goldman, ideally eliminating the threat that sensitive data could escape into the wild. Goldman has reportedly been testing the tool for over a year with over 10,000 employees, nearly one-quarter of Goldman's worldwide workforce, trying it out. The AI will be used for efficiency gains, the company said in an internal memo. Among its tasks will be assisting with coding, acting as a translation tool and summarize complex documents for workers. There are no plans for the AI to replace any jobs at present, but the longer-term impacts of the tool are a bit hazier. Some employees are skeptical of the AI, especially following a Bloomberg report in January that predicted up to 200,000 jobs on Wall Street could be at risk within five years due to technologies like AI. 'People across the firm are already integrating generative AI into their workflows, driving productivity gains for our teams and delivering benefits for our clients,' wrote Chief Information Officer Marco Argenti in an internal memo to staffers. GS AI Assistant lets workers access several AI chatbots, including ChatGPT and Gemini. And Goldman is hardly the only Wall Street bank that's increasing its use of AI. Morgan Stanley and JPMorgan also offer internal tools to workers to help improve efficiencies and eliminate some of the manual steps that had to be taken in the past. This story was originally featured on
